Latest Public Sector News

09.03.12

Scotland welcomes Green Investment Bank to Edinburgh

The Green Investment Bank is to be sited in Edinburgh, with a contingent of staff in London.

The news has disappointed the many other towns and cities that were bidding hard to be named as the home for the new institution.

Business Secretary Vince Cable said many of the bank’s staff would be based inLondon, to begin with, before moving north.

Scottish First Minister Alex Salmond said: “Edinburgh is the only place to bring together both finance and the clean energy industry in a single location”.

The bank is set to lend 3bn over the next three years, and from April 2015 will be able to leverage a further £15bn.

The priorities are expected to be to financing offshore power generation, waste processing, recycling, energy from waste and non-domestic energy efficiency.

Andy Dewis of global energy consultants M&C Energy Group, headquartered in Fife, said: “This is a positive step and clearly shows recognition ofScotland’s efforts to become a powerhouse for green energy development.

“Scotland is heavily involved in offshore wind generation development,Edinburgh has well developed banking and financial services, and the connections with the rest ofEuropeare good.”

Friends of the Earth Scotland chief executive Stan Blackley said: “While the location of the bank is important, what is absolutely crucial is that it has real teeth. It can't just be simply a Government fund, but needs to have full borrowing and lending powers from day one.”

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