UK: 50 million pound fund for waste infrastructure
UK Minister of the Cabinet Office Matthew Hancock announced investments worth 50 million pounds from the Green Investment Bank (GIB), as part of a new fund destined to finance innovative recycling and waste management projects at a local level throughout the United Kingdom. The new fund, called “Recycling and Waste Lp” (RAW) will be managed by a financial company which will seek to raise at least 50 million pounds from private investments to supplement the investment made by the GIB. The new funding was announced during a visit to Birmingham BioPower Plant which is currently being built in Tyseley. Once in operation, the plant will recover up to 67,000 tonnes of wood per year, preventing it from being disposed of in landfills. The material will be used to produce enough electricity to power over 17,000 homes. A previous investment by the Green Investment Bank also funded this project. Minister Hancock stressed that the Birmingham plant will be the first of its kind in the United Kingdom. It uses a new gasification system to provide electricity to 17,000 homes, recycling waste more efficiently while promoting economic development in the area and creating jobs. Both politicians and investors hope the new GIB fund will help bring about similar projects of equal success in the development of waste management infrastructure.