Article summary
UK Infrastructure Bank has announced that the UK Infrastructure Bank Act 2023 has been passed into law, forming a significant milestone for the Bank which is set up in legislation as a permanent institution for the whole of the UK. The new Act places the Bank on a statutory footing and confirms its long-term future, while recognising its important role in helping to tackle climate change and boost regional and local growth. Additionally, the new Act legally defines ‘infrastructure’ as including nature-based, as well as technological, solutions. The Bank further acknowledged the importance of natural capital to delivering its mission.
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