Around eight years ago, I drew on an inspired wider Dutch scheme to argue for what I called an Organics Tax Credit – published by the New Economics Foundation. I got nowhere here, but I was really impressed to hear about the progress of the Dutch scheme – the Green Investment Scheme – from the cooperative bank Rabobank this afternoon.
Since it’s introduction in 1996, the scheme has encouraged 6.85 billion euros into green investment at a cost of only 175m euros in tax foregone. The leading investments have been in renewable heat and cool systems.
Rabobank, by the way, is the only bank in the world with triple A rating from both Standard & Poor and Moody’s.
Drawing, in part, on this the US Senate and House of Representatives are both promoting the idea of a Green Bank, or clean energy development administration in legilsative language, for renewable.
Green banking is on the rise worldwide and the Dutch help to show us the way.