Before the recession it was already becoming clear that investment in low carbon energy infrastructure was not flowing fast enough to meet the UK’s climate change targets. When the banking crisis struck in 2008 a serious problem in securing enough low carbon finance was turning into a crisis.
Transform UK was set up in January 2009 to identify and deliver transformational solutions for accelerating investment into the low carbon economy to help build climate, energy and economic security.
A steering group was set up which included a broad range of stakeholders representing civil society, unions, academics, think tanks, business and finance.
In February 2009, in a collaboration between three members of the steering group, E3G, Climate Change Capital and Friends of the Earth, the first paper proposing the establishment of a UK Green Investment Bank was written and promoted. Subsequent analysis was undertaken by other key stakeholders including the Aldersgate Group, Green Alliance, Policy Exchange and the Institute of Civil Engineers.
This inspirational idea to set up a dedicated institution to leverage billions of private capital into the low carbon economy was agreed as the first campaign priority of the Transform UK alliance.
Transform UK operates as the national hub for the Green Investment Bank campaign and helped to get cross party political support for it in the lead up to the 2010 General Election. The Government subsequently confirmed in its coalition agreement that it would set up the Green Investment Bank.
The Transform UK alliance is committed to supporting the development of the Green Investment Bank, Green Bonds and other solutions for accelerating investment into the low carbon economy.