Budget2011: £2bn extra for green bank

The green investment bank is to receive £2bn in addition to the £1bn already announced.

It will begin operating in 2012, one year earlier than planned, and will provide support to initiatives where returns are considered too long term or too risky for normal investors.

Osborne said it will leverage an extra £15bn in private sector investment, and green taxes will rise as a proportion of total revenues.

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