UK: GIB Deals Blow to Wave and Tidal Energy

June 27, 2012

Green Investment Bank (GIB) has excluded wave and tidal energy from its plans and said it will focus on other projects, reports the BBC.

Lord Smith of Kelvin, the new chairman of GIB, said the bank will invest GBP 3 billion budget in projects that will make a commercial return.

He outlined five priority areas, those being: “Offshore wind power generation; commercial and industrial waste processing and recycling; energy from waste generation; non-domestic energy efficiency and we’ve got to support the Green Deal [introduced by the Government to encourage homeowners to invest in energy efficiency].”

Even though the wave and tidal energy is not included, Lord Smith said: “Wave and tidal technology is quite a way away and so is carbon capture and storage, just a wee bit far away during my three- year period from becoming commercially viable. That’s real venture capital stuff.”

GIB will create 40 jobs in Edinburgh where it’s headquartered and around 70 in London.

The bank is waiting for EU approval, and it is expected to be up and running later this year.

[mappress]

Offshore WIND staff, June 27, 2012; Image: scottishcf