Green is NOT the new red, white and blue, not on the stars and stripes, anyway. In late May, the Green Investment Bank was announced as the first ever public bank in the United Kingdom. With an initial £3 billion, GIB will invest in clean energy technology, with the goal of lessening the country’s reliance on fossil fuel and developing technologies to keep the UK competitive in the economies of the future.
Such support for green energy investment stretches across the Atlantic: A similar effort is being made in the United States, known as the Clean Energy Deployment Administration (CEDA).
In England, the Green Investment Bank received support from all corners: from green-minded advocates, from private sector businesses, from trade unionists and top-level ministers alike; even while fiscal austerity measures have insisted on sharp cuts across government programs.
In America, insiders on Capitol Hill have been doubtful that an American clean energy bank will be established any time soon – largely due to the current political stalemate in the US Congress and a much different public perception of the global energy crisis.
Emily Baker, the vice president for federal policy at the National Venture Capital Association, told Alex Wagner of Huffington Post that “when it comes to the commercial side, VCs can’t provide the capital – and it’s too risky for commercial and investment banks…no question the issue has gotten even more complicated than it was…now that Republicans took control of the U.S. House of
Representatives, her group is “trying to help Congress members connect the dots on how this is an investment that will pay long-term dividends…Everybody had been behind the GIB.
Whether or not American politicians are willing to take an affirmative position on an issue which many do not even think exists is doubtful at best. Especially with new presidential elections around the corner, the time for change in the sector may be an awkward one; and for bi-partisan greenies, it can be argued that Obama might not have done enough for
Meanwhile, the rest of the world is taking impressed by the move toward a low carbon economy in the United Kingdom.