UK Business Secretary Vince Cable ahs announced the launch of UK's new Green Investment Bank aiming at encouraging environment friendly sectors. The official launch function of the bank took place at the Heriot-Watt University Conference Centre.

The new Green Investment Bank will have its official headquarters in Edinburgh and will maintain an important base in London. The GIB will have £3 billion in funds from the government to invest in sectors such as renewable energy, carbon capture and storage and energy efficiency measures.

Cable will be in charge of operating the bank and he is likely to announce the details of its first investment plan. It is believed that the first recipient of the bank's investment will be a project in north east of England aimed at generating energy from waste.

The bank will provide £8 million for the construction of an anaerobic digestion plant at Teesside and another £8 million will invested by the private sector. There are plans to build six anaerobic digestion plant in the coming five years. The GIB will also invest £5m on systems that will help Kingspan's UK industrial facilities reduce its energy consumption by 15 per cent.