2013 Report details for project: Green Investment Bank

Project name: Green Investment Bank - there are 2 reports for this project: 2013, 2014
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Organisation: BIS (D3) - see all reports for this organisation
Report year: 2013 (data is from Sept 2012)
Category: Transformation - see all reports for this category
Description: To build a green investment bank, with the mission to provide financial solutions to accelerate private sector investment in the UK’s transition to a green economy.
DCA (RAG): Amber
DCA text: Since September 2012, the Green Investment Bank has been formally launched by the BIS SoS in November 2012 and has been operating independently from HMG. This followed the receipt of state aid approval for the institution, and the appointment of the CEO and non Executive Directors in October. The Bank has made significant investments in a number of green sectors since it has been commercially operational.
Start date: 2010-01-06
End date: 2012-01-09
Schedule text: The Structural Reform Plan (SRP) commitment was that the Bank will be operational in September 2012. The slippage to October 2012 (when the Bank became commercially operational) was due to the time needed for the European Commission to reach a decision on the UK's notification for state aid for the institution.
Baseline: £799.00m
Forecast: £329.00m
Variance: -58.82%
Variance text: The original budget of £775m for 12-13 was the initial budget set for the GIB. The nature of capital spending in this area is volatile and often binary (large deals either happen or don't) therefore forecasting is an evolving process. When the GIB commenced operations, they needed to revise the forecasts and the Capital forecast of at Q2 was the first opportunity for revised forecasts to be reflected. In practice, the GIB has made several investments, but there is a time lag between the entering of commitments and the drawdown upon them which results in expenditure.
Whole Life Cost: £1,857.00m
WLCost text: It was not possible to fully represent, via the GMPP reporting format, that the GIB will invest its £3billion capital funding over its lifetime. As an enduring institution, i.e. it will run beyond FY2016/17, it is able to carry over funding across the years.
Sourcefile: BIS_2013.csv

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Acknowledgement: GMPP data has been re-used under the Open Government Licence.