Changes made to environmental legislation to boost green investment

Changes have been announced to environmental legislation that will see more money being put into green funds.

Yesterday (March 23rd 2011), chancellor George Osborne announced the government's Budget for the new financial year.

He revealed that there will be an increase in capital for the Green Investment Bank, which will see the value rise to £3 billion.

Mr Osborne also revealed there will be a carbon price floor from April 1st 2013 at £16 per tonne.

This will help boost investment in green technology, he stated, as well as the production of electricity through low-carbon infrastructure.

David Powell, climate campaigner at Friends of the Earth, is likely to welcome the changes, as he recently commented that more money needs to be put into a green investment fund.

He stated that billions are required for the bank to be powerful and if the government is going to support new technologies in the sector.

Posted by Claire Manning