Nuclear power and flood defences in line for green investment bank cash (Guardian)

Vince Cable fleshes out plans for bank, including priorities for funding and
who will be de facto chairman

Flood defences and nuclear power are expected to receive funding from the
green investment bank, according to detailed plans for the new institution set
out on Tuesday by Vince Cable, the business secretary.

Cable also announced that Sir Adrian Montague, a City of London grandee, would
be the first de facto chairman of the bank, in the first formal step towards
establishing the institution. He will initially be chair of an advisory group
rather than a formal board for the bank, because the government must satisfy
EU state aid rules before it can formally set up the bank.

Sir Adrian is chairman of venture capital group 3i, and formerly worked for
British Energy and Network Rail, as well as serving as chief executive of the
Private Finance Initiative Taskforce at the Treasury.

The prospect of the green investment bank financing flood defences came as a
surprise, though officials indicated that it was likely to take several years
before any such projects were funded. The Department for Environment, Food and
Rural Affairs (Defra) is facing severe budget cuts that ...

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