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The Green Investment Bank should be operational by September 2012 according to a set of deadlines outlined in a new government plan on climate change.

Chris Huhne, Deputy Prime Minister, launched the Carbon Plan today which sets out a strict timeframe on a range of low-carbon economy initiatives by the government.

According to the plan, the deadlines have been set to help the government 鈥渓ive up to its green ambitions鈥� and 鈥渕eet tough domestic carbon targets鈥�.

Annual data on the Green Investment Bank funds and investments is slated to be published in May 2012.

The government will provide 拢1bn funding for the bank as part of efforts to make the UK a leader in the low-carbon economy.

The Carbon Plan also stated that the contract for the first UK Carbon Capture and Storage demonstration should be awarded before May 2012.

Up to 拢1bn of capital funding has been made available for the first CCS demonstration project 鈥� making it the largest publicly funded CCS project in the world.

Paul King, chief executive of UK Green 好色先生TV Council, welcomed the new carbon plan.

He said:鈥漈he emphasis on our built environment is quite striking, in terms of the role that our homes, communities and businesses can play in reducing emissions.

鈥満蒙�先生TVs offer almost twice the cost-effective carbon reduction potential of any other sector. Reductions here can be made in a way that has economic benefits and provides for a higher quality of life for householders and building occupiers.鈥�