Committee hosts energy efficient workshop

The Committee for Enterprise, Trade and Investment hosted an energy efficiency workshop with the Green Investment Bank (GIB) on the 10 June 2014. The workshop gave the GIB a forum to inform Government officials, Northern Ireland companies and MLAs about green funding opportunities. Representatives from the GIB presented case studies detailing intervention by GIB and the financing solutions, challenges, and opportunities in each case.

The ETI Committee sees GIB as an innovative and interesting concept which brings a focus and expertise to green energy and energy efficiency companies by understanding the technologies, the capital structures and the supply chains. The Green Investment Bank (GIB) received £3.8 billion of funding from the UK Government to invest in sustainable projects up to March 2016 and invests in projects such as offshore wind; waste to energy; and waste recycling and to a lesser extent; wave and tidal energy; and carbon capture and storage. The workshop discussed using LED street lighting which use 15% to 20% less power than current lighting; district heating plants which are more efficient than heating homes individually and more efficient ways of heating schools and hospitals. The GIB provided an example of where they helped a hospital in England to save £1m a year by investing in an energy efficiency project.

Listen to Patsy McGlone MLA, Chair of the ETI Committee, discuss the importance of the GIB and the next steps involved:
Listen on soundcloud

In respect of local projects, the GIB invested £20 million into Evermore Renewable Energy based in the north-west. A waste-wood-to-energy plan, Evermore will use about two million tons of waste wood that otherwise would have gone to landfill as well as creating carbon emissions. The project will generate over 200 jobs during its construction period and about 20 jobs when it is up and running for the next 20 years. The Committee is hopeful that, over the next year, GIB will announce more capital invested in Northern Ireland.

The Green Investment Bank had previously briefed the Committee on the 07 November 2013. You can find out more about the work of the Committee on its website.

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