The British Private Equity & Venture Capital Association has suggested the Government that it should act quickly to create a green investment bank that will assist it in attaining climate targets.

The association, which represents long term financial investors, said 'well-designed and implemented' green bank was very important to create private sector investment support for country's 2020 and 2050 climate targets.

The British Government wants to achieve its low carbon targets by switching over to renewable energy sources.

Commenting on the topic, BVCA chief executive Simon Walker said, “It is clear that to reach Britain's climate change targets market and government forces must come together.”

The report prepared by the association said that the bank should attract the private sector capital and it should aid and not contend with the private sector.

The bank should present diverse standardized investment products for low carbon projects. It should be able to raise funds via methods such as the issuance of Green Bonds.

In addition, the bank should offer independent advice to the Government on ways to achieve low carbon targets.