The Green Investment Bank, which has been initially capitalised with £3 billion of government funding, was granted state aid approval from the European Union in October, and has now been declared “open for business” by Business Secretary Vince Cable.

The Government is hopeful that its cash injection will also mobilise private capital to invest in the green economy, especially offshore wind, and lift the country out of the economic doldrums.

Speaking in Edinburgh at the bank’s launch, Cable predicted that the bank would encourage private and public investment of £15 billion in low-carbon initiatives by 2015, and highlighted the fact that Britain is “unique in having a state-backed bank devoted to green economy projects”.

UK Green Investment Bank: early success?