David Cameron is expected to announce later today (19 March 2010) plans for a Green Investment Bank to boost the development of low-carbon energy. This has been welcomed by Friends of the Earth.

The green campaigning charity has led the call for a Green Investment Bank over the last six months.

Friends of the Earth's Executive Director Andy Atkins said:

"Action on climate change and energy security is a top priority for whichever party wins the General Election.

"A Green Investment Bank is desperately needed to fund the replacement of the UK's outdated fossil-fuel energy infrastructure with the clean energy technologies of the 21st century, and to create new green industries and jobs.

"Plans to provide households with long-term 'Pay as you Save' loans to make their homes more snug are welcome, but they fall well short of what is required to cut energy waste from homes, commerce and industry.

"The Conservatives must set out a clear strategy to tackle fuel poverty. This includes regulating private landlords to prevent them from letting poorly insulated properties and ensuring that local authorities work with energy companies to renovate Britain's housing stock street by street."

Friends of the Earth is also critical of Conservative plans for failing to identify the need for a clear industrial policy that will ensure that the new jobs and industries created by greening our energy system are located in the UK and not overseas.

ENDS

Notes to Editors:

1.   David Cameron is also expected to announce Conservative Party backing of new nuclear power plants, and that it won't subsidise nuclear power. Friends of the Earth opposes the development of nuclear power because of the availability of greener alternatives, and believes that without subsidies these nuclear power stations will not get built.

2.   Friends of the Earth is campaigning for local action on cutting energy waste through its Get Serious About CO2 campaign. Research by the charity in 2008 found that local councils could create around 70,000 jobs in the UK by insulating homes and fitting renewable energy
http://www.foe.co.uk/resource/press_releases/green_jobs_councils_get_serious¬
_25062009.html

3.   The next Government needs to make significant cuts in UK emissions to meet the requirements of the Climate Change Act - an 80 per cent reduction by 2050.

4.   Fuel security and the prospect of much higher fossil fuel prices are significant pressures on whoever wins the next Election - last month a report by Richard Branson and other leading industrialists warned that global oil supplies could peak within five years, significantly driving up the price of all fossil fuels.