Green Investment Bank open for business

Scottish Liberal Democrats are delighted that the UK’s Green Investment Bank is now open for business in Edinburgh.

GIB will be a very different kind of bank - the world’s first to specialise only in the green economy – making a green impact as well as making financial returns.

The innovative new bank will start its work with £3 billion of public money, and is estimated to unlock a further £15 billion in private investment allowing the green economy to blossom, encouraging investors to market and kick-starting low-carbon and energy efficiency projects.

As well as boosting green industry in Britain, the GIB will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy.

The campaign to bring the bank to Edinburgh, which has been led by Edinburgh West MP Mike Crockart, was based around the capital’s unique strengths in the renewable and financial services sectors.

Mike Crockart MPsaid: “The launch of the UK’s Green Investment Bank in Edinburgh demonstrates the strength of the capital as a renewable energy and financial centre. I championed Edinburgh as the natural home of the GIB from the outset because of its strength in depth in both these areas.

"The bank will play a vital role in our transition to a low-carbon economy and will provide a welcome boost to the city's economy, bringing with it an initial 3 billion pounds to invest in green projects as well as the creation of 50-70 jobs by 2015.

"The investment bank is another way in which the Liberal Democrats in Government are working to rebalance our economy; making it more sustainable whilst also meeting green credentials. The locating of the GIB in Edinburgh has demonstrated the UK Government’s belief in Edinburgh as a pioneer of the green revolution and a vital part of the UK's drive towards a sustainable and green future."

Business Secretary, Vince Cable, added:

"Having the headquarters in Edinburgh is a powerful vote of confidence in the Union, and a testimony to our commitment to helping Scotland lead the green revolution."

Secretary of State for Scotland, Michael Moore MP added: "The UK Green Investment Bank is now ready to have a real and positive impact on investment in our green and renewables sectors that will take them into new areas and opportunities. We have the best of both worlds: a headquarters in Edinburgh, at the centre of Scotland's thriving businesses and asset management, coupled with a team based in London, the world's leading financial centre.

"The next step is to put that expertise into action and mobilise the additional investment we need to take the UK towards a greener economy. This is the first bank of its kind in the world and this government has delivered it for Scotland and the rest of the UK."

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Read more about the business case for Edinburgh: http://www.edinburghchamber.co.uk/wmslib/news/files/Business_Case_Final_28Mar.pdf