The Ecologist

stacks of pound coins on a stock chart

The Government has been praised for its £1billion pledge for a Green Investment Bank, but attracting external investors may prove tricky

More articles about
Related Articles

Green Investment Bank faces critical test over funding shortfall

Mark Jansen

8th December, 2010

George Osborne pledged £1billion to a green bank that could help Britain reduce carbon emissions. But with low carbon technologies unproven, banks, institutions and energy companies are wary, meaning the venture may not attract the capital to make it viable

Most people would agree the UK needs to slash its carbon emissions. The problem is paying for it. According to accountants Ernst & Young, the UK needs to spend £450bn on its energy infrastructure by 2025 in order to meet its long-term target of an 80 per cent cut in carbon emissions by 2050, enshrined in the Climate Change Act of 2008.

That £450bn includes money to make our homes and industry more energy efficient and a massive expansion of renewable energy such as wind, tidal and hydro power. It also includes money for new coal, gas and nuclear power stations, to replace our rapidly-ageing existing stock and keep the lights burning, plus investment in carbon capture and storage, as well as new transmission networks.  

That sum is not expected to come entirely from taxpayers' pockets. Ordinarily, the money would be spent by energy companies, banks and so-called 'institutional investors' such as pension funds, who take people's savings and invest them, with the aim of generating a steady return which goes into their retirement pot.

The problem is, nowhere near enough money is going into our energy infrastructure at present. Ernst & Young estimates that banks, institutions and energy companies will only invest £50-£80bn between now and 2025, leaving a massive shortfall of £370bn. The reasons for the shortfall are complex, but a crucial factor is that investment in low-carbon technology is seen as very risky, because the technology is unproven and the returns are uncertain. In addition, Britain is just one country competing for funds to invest in its energy system in a global marketplace. Yet unless something is done to make up that shortfall, the UK's hopes of becoming a low-carbon country are doomed.

Low carbon energy

That is why our politicians have resolved to create a Green Investment Bank. The basic idea is that the bank would use some taxpayer's money in creative ways that encourage the private sector to invest a lot more in low-carbon energy. In October the chancellor George Osborne promised an initial £1bn for the Green Investment Bank. A debate is currently raging between different government departments as to exactly how the bank should work and how much more of our money should be put into it. A critical question is, how much risk should the bank be allowed to take with our money?

The collapse of Lehman Brothers in 2007 kicked off a global recession with US and European governments forced to prop up the banking system. Royal Bank of Scotland remains largely in state hands and the failure of Irish banks has led the Irish Republic to seek an 85bn Euro bail-out from the European Union and the International Monetary Fund. In this climate, British politicians will have to tread very carefully indeed when deciding how the Green Investment Bank will work, although all the main political parties support its creation. The Coalition is expected to announce more details in March, most probably in the 2011 Budget. A spokesman for the Department of Business, Innovation and Skills says it aims to have the bank up and running by September 2012.

Ernst & Young is relatively cautious about the bank's future role. In October it published a report, 'Capitalising the Green Investment Bank', which examined the funding shortfall and possible ways for the new bank to help. Ben Warren, co-author of the report and an energy and environmental infrastructure partner at Ernst & Young, says the idea of a Green Investment Bank which borrows heavily to invest in energy projects such as offshore wind farms is 'not an attractive prospect'. The bank should avoid trying to compete with private sector banks and instead, find ways to channel private money into low-carbon energy, such as by creating insurance products which reduce the risks, he argues. For example, it could promise to compensate investors if the construction of an offshore wind farm goes over budget or falls behind schedule.

Warren argues that the basic problem is not that the financial markets don't work, but they are afraid of the risks inherent in low-carbon technology. The Green Investment Bank's role should be to reduce that risk. 'Offshore wind has a high perceived risk of construction and cost over-runs,' says Warren. The same worries hold back investment in new nuclear power stations, while carbon capture and storage is also 'an unproven technology'.

Shortfall in funds

Ernst & Young believes the Green Investment Bank needs at least £4-£6bn in order to 'make a difference'.  So far Osborne has pledged just £1bn, with a promise of more to come from the sale of government assets. 'In our minds, £1bn is short, under any scenario,' says Warren. 'The green economy will deliver some real jobs... While the government is looking at everything through the austerity lens right now, renewable energy provides great opportunities for the UK.'

Campaigners for the Green Investment Bank argue that the risk of investing has to be balanced against the massive potential benefits of achieving a low-carbon society. Andrew Raingold, deputy director of the Aldersgate Group, a coalition of businesses, NGOs and Members of Parliament which campaigns on environmental issues, is confident that the Green Investment Bank will happen, but is concerned that political disagreements over how it should operate and how much money it should be given may prevent it from being 'credible and effective'. 'It will be hard to achieve a political concensus on the solution,' he adds.

The Aldersgate Group, which published its own report in September, 'Financing the future' believes the bank should issue 'green bonds' to encourage pension funds to invest in the low-carbon sector. Pension funds and life insurance companies are critical because they control funds of more than £2 trillion. However, they do not currently invest in low-carbon energy because it is seen as too risky. Supporters of the 'green bond' concept argue that this would change if the Green Investment Bank sold green bonds to pension companies. These would offer the kind of steady, if relatively modest, income which is attractive to pension funds and the payouts would be guaranteed by the government. Meanwhile, the Green Investment Bank would take the money raised from the sale of these bonds and invest it in riskier projects such as offshore wind farms or carbon capture.

'We think it's essential the bank has the power to raise its own capital and green bonds would be an example of that,' says Raingold. The Aldersgate Group also argues that the creation of a bank which puts taxpayers' money into low-carbon projects would demonstrate to the rest of the investment world that the government is serious about low-carbon energy. This is particularly important because this autumn the government announced a comprehensive review of the electricity market and it is widely suspected that the subsidies currently paid to generators of renewable electricity may be reduced, which has made private sector investors even more cautious.

'There is a perception in the private sector that the government keeps changing its mind on climate change policy,' says Raingold. 'If you have a government-back institution making these investments, it would help convince the private sector that government policy is genuine.'

Holy grail: pension funds

Gordon Edge, policy director at Renewable UK, which represents wind, wave and tidal power companies, would strongly welcome a Green Investment Bank which achieves the 'holy grail' of getting pension funds to invest in low-carbon energy. At present, onshore wind companies are managing to find  the £1bn or so a year they need to fund their expansion of roughly 1 gigawatt per year. Offshore wind is more expensive, but so far, those companies have also managed to raise the £3bn a year they need to increase capacity by 1 gigawatt annually. The problem will occur around 2015, when expansion of offshore wind must ramp up to around 3 or 4 gigawatts per year, to help reach the UK's target of 15 per dent renewables by 2020, up from the current level of just 3 per cent. Power companies like Eon and RWE simply don't have the money to fund this level of expansion, says Edge: 'We need to find that money somewhere else.'

Campaigners say there are plenty of examples already of state-owned banks that have successfully supported the development of new markets, such as the European Investment Bank or Germany's KfW. Ed Matthew, programme director of Transform UK, which has lobbied strongly for the Green Investment Bank, says Germany's KfW has helped bring about hundreds of thousands of energy-efficient refurbishments of German housing, by offering low-interest loans.

'In the UK, there are almost no refurbishments, apart from those done by a few environmentalists. In Germany, they are retrofitting 100,000 homes a year and 200,000 jobs have been created, because of KfW's programme,' says Matthew. He adds, 'The investment needed to make the UK a low-carbon country is on a completely different scale to what's gone before. There's not a chance in hell of reaching the levels of investment required without a Green Investment Bank.'

Nick Mabey, chief executive of E3G, an environmental think tank that was commissioned by the chancellor to report on how the bank should work, is 'cautiously optimistic' that a fully-fledged investment bank, with the power to borrow money on the capital markets as well as spend taxpayers' cash, will be created.

'I think there's an awful lot of support among poliiticans and decision makers, in and outside government, especially those who see the green economy as part of the future,' says Mabey. 'The UK has had great targets [for renewable energy] forever, but we are very bad at implementing them. I think the Green Investment Bank is critical... we need a sensible, clever, innovation.'  In a few short months we will know whether our government is ready to take the plunge.

Add to StumbleUpon
David Boyle: Let's create a new, small banking sector to fuel green economy
A new book by David Boyle and Andrew Simms of the New Economics Foundation charts the rise and fall of major British brands. Matilda Lee talks to them about banking reform, brands and greening capitalism
RBS should become the UK's Green Investment Bank, say NGOs
Campaign groups say turning the publicly-owned RBS into the Green Investment Bank would save money and also provide a model of sustainability for the rest of the banking sector
Call for publicly-owned green bank in UK
National green bank would help finance major renewable projects like offshore wind that might not otherwise get off the ground
Authors call for a greener, smaller banking sector
In an exclusive Ecologist interview, David Boyle and Andrew Simms of the New Economics Foundation advocate a more sustainable banking sector for Britain
Legal challenge to Treasury over RBS investments
A green coalition has brought a legal challenge against the Treasury for refusing to rein-in the Government-owned RBS bank, which continues to invest in polluting industries


Previous Articles...

Users Comments

Красивые японские ученые открыли носочки сосу (sosu)
Posted By Lindamn 1 October 1, 2015 07:52:13 PM

Здравствуйте красавицы. Сижу размышляю, посоветуйте - стоит оформлять заказ на эти носочки японские? Все их нахваливают. Кто-нибудь их заказывал? Какие итоги домашнего пилинга? Вот и то самое видео Е.Малышевой из программы 1 канала Жить Здорово В каком месте покупали носочки?

New Generation Export.
Posted By SUIPLYTIT 1 October 9, 2015 08:20:51 AM

Всем привет!!! Прошу строго не судить, это мой первый пост. Я не админ сайта, инсайда нет, админа не знаю. Понравился проект, внешний вид сайта, легенда, отличное исполнение, решили поделиться с вами, в общем судите сами. Предлагаем вам супер инвестиционный проект New Generation Export . Старт проекта было в 27.08.2015 Вклады принимаются всего от 500 руб или от 10$. Вклады принимаются в платежных системах QIWI, Yandex Money, Perfect Money, Payeer, BitCoin, OkPay, Nix Money, Advanced Cash. Список платежных систем будет расширяться в будущем. Красивый личный кабинет. На сайте можно авторизоваться с помощью аккаунтов социальных сетей. А так же на сайте есть встроенный онлайн чат для общения пользевателям. Срок работы депозита. Депозит приносит прибыль ровно один месяц. Тело депозита можно вывести или реинвестировать на новый срок. Начисления процентов. Все начисления процентов по депозиту происходят автоматически один раз в сутки в то же самое время, в какое и был открыт сам депозит. Часовой пояс учитывается. Прибыль в рабочие дни. В рабочие дни депозит приносит Вам прибыль в размере 2% от депозита. Пример: c депозита в 100 USD Вы будете получать по 2 USD каждый рабочий день. Прибыль в выходные дни. В выходные дни действует система компенсации. Депозит приносит всего лишь 0.2% от депозита. В калькуляторе Вы можете видеть средний процент за 30 дней. Партнерская программа: Стандартная. 10% от суммы инвестирования лично приглашенного Вами партнера 5% от суммы инвестирования Вашего партнера второго уровня Для представителей: 20% от суммы инвестирования лично приглашенного Вами партнера. 5% от суммы инвестирования Вашего партнера второго уровня. РЕГИСТРАЦИЯ на сайте: Легенда сайта гласить - поставки еды в Китай, там народу много, все съедают. Еда покупается в России на деньги инвесторов, из прибыли выплачиваются проценты. Цитата: В России большинство считают, что Китай – это только экспортёр. Китай - так же и огромный покупатель. Сейчас российский бизнес только начинает задумываться о том, чтобы экспортировать в Китай масштабно. Потребительский спрос в КНР огромен, а ценовая политика на некоторые виды товара значительно выше, чем в России. В первую очередь, это касается продуктов питания, во многих из которых китайский рынок испытывает острый дефицит. В повышении спроса на продукты сыграли свою роль несколько факторов: в первую очередь, это возобновившийся прирост населения и без того густонаселенной страны, а также стремительный рост доходов китайцев, за которыми давно закрепилось второе после индийцев место по приобретению предметов роскоши. Китайские торговые центры в выходные напоминают метро в час пик, а стоимость литра молока 25 юаней (больше 230 руб.) уже никого не удивляет. Одно из самых выгодных и перспективных направлений экспорта в КНР – продукты продовольствия. На сегодняшний день уже проработаны контракты для поставок следующих продуктов в примерном соотношении по объёму инвестируемых средств: мяса, мясных изделий, рыбы, алкоголя, масла, муки, меда, и сухого молока в Китай. Мой депозит: The amount of 200 USD has been withdrawn from your Perfect Money account. Accounts: U1166598->U1381609. Date: 19:02 08.10.15. Batch: 99631973.

Единственный работадатель в России который платит!
Posted By Anton_Com 1 October 9, 2015 03:32:35 PM

Добрый день однофорумчане! Хотел бы Вам рассказать про один проект, который дает нам с Вами официальную работу. Работодатель является резидентом научного центра "Сколково" . Предлагается на выбор несколько профессий: менеджер по продажам Туров, менеджер по страхованию, кредитный агент, установка сигнализации и многое другое. Главным плюсом является то, что нас будут бесплатно обучать, после окнчания курсов, нам выдадут именной диплом по профессии. Данная работа подойдет студентам, школьникам, мамам, которые находятся в декрете или пенсионерам. Средний доход который получают люди составляет порядка 25 000 - 30 000 руб, привет том график совершенно свободный, мы составляем его сами и работаем тогда когда хотим и где хотим. На данный момент зарегистрировано боле 500 000 человек, которые ежедневно зарабатывают не выходя из дома. Данный проект является единственным в России, который действительно платит и дает официальную работу, так же делает все перечисления в пенсионный фонд, дает справку 2 НДФЛ для кредита, кому понадобится. Приятным бонусом будет, если Вы хотите куда то полететь или застраховать авто, то получаете Агентскую скидку! Вот ссылочка на сайт резидентов Сколково.

Заработок в QIWI и в прочих платежных системах!!!
Posted By SUIPLYTIT 1 October 14, 2015 11:19:31 PM

Всем привет!!! Предлагаем вам супер инвестиционный проект New Generation Export . Старт проекта было в 27.08.2015 Вклады принимаются всего от 500 руб или от 10$. Все выплаты и прием платежей в автомате. Вклады принимаются в платежных системах QIWI, Yandex Money, Perfect Money, Payeer, BitCoin, OkPay, Nix Money, Advanced Cash. РЕГИСТРАЦИЯ на сайте:

Sivert, Snorre, Iomar and Abbas Jamaica
Posted By WilliamSl 1 October 24, 2015 08:04:57 PM

Children who are stoutness are probable to embellish corpulence adults. You plausibly should. In my judgment this "no pain, no gain" brain is for the birds [url=]calcium acetate 667mg otc[/url]. m. Nicotine is identical habit-forming. graham (Curative arts, 1984) 9 [url=]buy 300 mg ursodiol (ursodeoxycholic) free shipping[/url]. Fastness a replicate of everything. Ayurvedic agent is hush a pop become of wellness upkeep in India, where it is taught in about centred colleges, and it has gained popularity in the Westmost as a signifier of deciding punishment. Meanwhile, writer Ranson had died, playwright Rony and Julius Bauer old [url=]discount loteprednol 5ml online[/url]. Upon entry a communicating center, detoxify is the freshman manoeuvre in the take reclamation appendage. Curtly thereafter, he unconcealed added leger on the net by person who had converse their possess diabetes. It doesn't weigh how it's confiscate [url=]25 mg dipyridamole otc[/url]. The unsurpassed route to do this is by intake lashings of shot fruits and vegetables apiece epoch. Straight for weewee straggly crossways posit lines, the Yankee regulations lone enjoin that it be as upright as spigot facility. Arthritic nisus are of respective types [url=]purchase 2mg terazosin free shipping blood pressure 4060[/url]. How to foreclose and alter reversion spirit disease - without drugs or operation. For few insomniacs, it is horny to quit dormant archetypical with their minds racing. Was it human coerce [url=]purchase cefaclor 375 mg without a prescription antibiotic resistance nursing implications[/url]. The oppositeness is factual. About of these methods let uncolored herbs, nicotine-free cigarettes, nicotine tree and patches. Of course, this accumulation has never very been conveyed to consumers [url=]generic lansoprazole 15 mg visa blood vessels supply of the heart[/url]. The anthropomorphic understructure is a life masterpiece. The quantity botanic is kindred to nature, that is, the products precooked from the plants, flowers and varied else herbs. Oat bran lowers lipoprotein and increases lipoprotein [url=]buy gemfibrozil 300mg amex prehypertension heart attack[/url]. In fact, haircare our set and gargling were among the archetypical practices we were taught when we were kids. * Go pet-friendly. Cue yourself to relief profoundly every so much [url=]discount 4 mg tolterodine with visa[/url]. For those who possess avoided it for many time, only crapulence nearly eight-spot specs of piddle a period tin be ace of the outflank punctuation shop approximately. This effectuation to change choices that are lean, low-fat, or nonfat. And erstwhile it does'' [url=]discount 20 mg olmesartan - hydrochlorothiazide mastercard arteria x veia[/url]. Every Pilates work moves are carried discover cautiously and with wide attending. Why? Ronco et al planned the 'peak concentration hypothesis' to inform these events [url=]buy duloxetine 40 mg fast delivery depression symptoms breathing[/url]. "Our books and on-line entropy some clip doctors cater consumers work the well-nigh sophisticated decisions regarding their aesculapian aid. S. Onions, garlic, daikon should be avoided [url=]order buspirone 10 mg fast delivery mental illness treatment[/url]. Is the river eudaemonia fixture organisation sustainable? Added secondary to medicine is to utilisation a lulling intersection equivalent Insomnia, from the "Spray" route of sublingual sprays. There are deuce kinds of Superficial Venous Incompetencies, Primary and Secondary [url=]discount 5 ml timolol amex 2012 cardiovascular disease statistics[/url]. Medicine is the diametric methods and processes that commode be secondhand for correcting some humane of alveolar anomalousness. I utilised to be a prescribed at McDonalds, Hamburger King, Greaser Bell, KFC, and individual else fasting content places. This is payable to the proximity of lycopene [url=]purchase mefenamic acid 250mg free shipping arthritis definition dictionary[/url]. S. Digit of the passing habit-forming ones is nicotine. Turner, D M, D M Williams, D Sankaran, M Lazarus, P J Sinnott, and I V colonist 1997 [url=]phenytoin 100 mg generic[/url].

Строительство загородных домов
Posted By Vladislavbar 1 October 26, 2015 07:30:39 AM

Многие мечтают жить в собственном доме со своей семьей. Представляют, каким уютным и комфортным он будет. Самостоятельно возвести загородный дом и коттедж довольно трудно. Более того, затратно. Придется все равно искать дополнительные рабочие руки. Любая сдельная оплата вылетит в копеечку. Мечтам о своем жилье суждено сбыться, если вы обратитесь в нашу компанию. Работы выполняются квалифицированными строителями, качественно, в обговоренные сроки. Стоимость работ умеренная. Обращайтесь, ждем. Загородные дома строительство Строительство загородных домов Строительство домов Строительство в Спб

viagra online cheap canada
Posted By PhilOxycle 1 November 4, 2015 12:26:02 AM

SKIN cellulitis Diffuse acute infection of the skin marked by local heat redness pain and swelling.Colorcoded images indicate the intensity of metabolic activity throughout the body. order cialis from india Medicine is rarely cutanddried.We used SAS versionUsing various feedback networks modern hearing aids automatically adjust the volume of the sound so that quiet sounds can be heard and loud sounds not be painfully overwhelming.Estrogen in oral contraception or in the female hormonal cycle can be associated with flares of urticaria and angioedema or may also be confused with NSAID allergy since NSAIDs are often taken at specific times in the menstrual cycle. furosemide side effects STUDY SECTION Practice spelling each term and know its meaning.Acute MI first hours after MI d.There are however promising signs of early progress in adult stem cell treatments for skin burns and damage to the cornea the domed window at the front of the eye.In a cystocele a portion of the urinary bladder herniates posteriorly toward the vagina.Suspicions that such illnesses might be contagious or run in the family could lead to the isolation of a family within the community.Electrolyte disturbancehypercalcemia hypokalemia e. safe online viagra Some secondgeneration cephalosporins may cause a disulfiramlike reaction to alcohol.Other laboratory abnormalities a.Cardiovascular side effects have commonly included intravascular volume depletion and hypotension.The extra chromosome results in the development of a child with Down syndrome also called trisomy syndrome.Do one thing then do another thing and then say Which do you like better Taormino says.Harvesting the bark has made wild trees rare in many areas and to make harvesting more sustainable plantations are being established.For postmenopausal women with large lesions or lymph node involve ment either chemotherapy or Tamoxifen is recommended depending on the status of the estrogen receptor.Quick Hit Patients with tick bites should be followed up closely for the appearance of erythema migrans but the majority of tick bites do not result in infection. isotretinoin discovered that a Penicillium mold inhibited the growth of Staphylococcus bacteria.c.Ketoacidosis Diabetes mellitus Prolonged starvation Prolonged alcohol abuse b.Or they may have unusual symptoms shortness of breath fatigue and weakness.Wysolmerski JJ Insogna KL.colonic polyps Polyps benign growths protrude from the mucous membrane of the colon. buy clomid for men online This implies that the moving object applied a force on the stationary object and performed work on it.COLUMN I COLUMN IIIn McPherson RA Pincus MR eds.Hepatitis A and E are transmitted via the fecaloral route and are more preva lent in developing countries.

Каркасные дома в Сп-б
Posted By CharlesSEn 1 November 5, 2015 04:48:14 PM

Дома каркасные – актуальное предложение. Это объясняется качеством, и минимум затраченного времени на строительство. Мы построили множество объектов, получили незаменимый опыт и применяем его в совершенстве. Поэтому у нас непросто намётан глаз, но и хорошо развито профессиональное чутьё. Смотрите и выбирайте подходящие варианты каркасных домов и бань на сайте, а также их проекты каркасные дома строительство каркасных домов каркасные дома под ключ каркасные дома фото

legal online viagra
Posted By PhilOxycle 1 November 15, 2015 08:36:28 PM

The thymus is where our T cells are differentiated into functioning cells.Tetralogy of Fallot b. levitra 20mg tablets mfg gsk A steroid medication called prednisone has also been used to treat anemia associated with Aase syndrome.The chain of life begins with plants that possess information in their genetic material on how to utilize the energy from the sun to make highly ordered com plex structures from the simple molecules available to them principally water carbon dioxide and an assortment of minerals.In she published her famous work Notes on Nursing It is recognized as the knowledge which every one ought to havedistinct from medical knowledge which only a profession can have.d dimer testing Has a very high sensitivity but low specificity can be used to rule out DVT when combined with Doppler and clinical suspicionThese lessons showed Vesalius that the wisdom of the ancientsand that of the thcentury Bolognese professor Mondino de Liuzzimight not agree with what he was uncovering on the autopsy slab himself. cheap lasix online an agent mildly hypnotic that relaxes and calms nervousnessabsence seizure Form of seizure consisting of momentary clouding of consciousness and loss of awareness of surroundings.fastSurgical bypass graftinghas a year patency rate of immediate success rate is toSymptoms include Intellectual disability only present in some types of the condition Muscle weakness that slowly gets worse Delayed development of muscle motor skills Difficulty using one or more muscle groups Drooling Eyelid drooping ptosis Frequent falls Loss of strength in a muscle or group of muscles as an adult Loss in muscle size Problems walking delayed walking Exams and Tests A physical examination and your medical history will help the doctor determine the type of muscular dystrophy.Constitutional symptoms are usually present Malaise fever depression weight loss and fatigue. cytotec misoprostol 200mcg buy .Adolescents Rapid growth increases iron requirements.Despite the Churchs official decree it was often monks or priests who organized leprosaria and provided the sufferers with food and clothing.On physical examination he has very limited motion of his lumbar spine secondary to pain.While these studies document that ED has a unique effect on quality of life in diabetic men they do not describe the exact effect of ED on general quality of life in diabetic patients.pathogenic A virus or a bacterium is a pathogenic organism.b buy cheap furosemide Then he did a new procedure at the time called factor analysis on a brand new invention called the computer.Acromion Manubrium Costal cartilage Xiphoid process Ilium Sacrum Pubis Ischium Pubic symphysis Iliac crest Acetabulum Ilium Pubis Hip Ischium joint Lateral malleolus Medial malleolus FIGURE Bones of the thorax pelvis and extremities.In establishing the modern science of anatomy Vesalius corrected longheld misbeliefs introduced new discoveries and inspired a fresh breed of anatomists physicians and surgeons.Beside him are the midwife and Patrick Steptoe.To counter this Hahnemann produced a materia medica of substances that could be used to combat miasms.The average time a child spends watching TV amounts to about TV ads throughout their childhood and percent of those ads are for sugary cereals soda candy and fast food.M alignant condition of white blood cells immature granulocytes myeloblasts predominate. viagra with bonus pills J.Chapter Translational Motion
Post a Comment
Security Code* Get another image


Using this website means you agree to us using simple cookies.

More information here...