A delegation from the Edinburgh Green Investment Bank Group briefed MPs in the House of Commons before presenting the business case for locating the UK Green Investment Bank in Edinburgh to Michael Moore MP, the Secretary of State for Scotland.

The Group went on to meet the Secretary of State for Business, Innovation and Skills, Vince Cable MP, and senior Treasury officials, where they presented the business case for Edinburgh. The Edinburgh campaign has been led by Ron Hewitt, Chief Executive of Edinburgh’s Chamber of Commerce, Mike Crockart, Liberal Democrat MP for Edinburgh West and Mark Lazarowicz, Labour MP for Edinburgh North and Leith. The business case has been prepared by Nathan Goode, a Partner of Grant Thornton Accountants.

The Group has full cross party support and is made up of business leaders from industry, academics and experts within the Financial Services sector.

The case is based upon Edinburgh’s acknowledged expertise in financial services, education, research and development, as well as its growing reputation in renewable energy and low carbon technologies.

Edinburgh Chamber of Commerce Chief Executive, Ron Hewitt said:

“Ministers can feel confident that by opting to locate the bank in Edinburgh they are delivering the best value, expertise and greater opportunities for the clean energy and low carbon sector. We recognise that the Green Investment Bank, located in Edinburgh, must add value and stimulate growth right across the country. Our Group recognises the importance of ensuring that the Bank gets maximum "bang for its buck’’ and believe this can only be achieved through effective collaboration between industry, technology know- how and finance.”

Introducing the event, Mike Crockart MP said:

“A successful Green Investment Bank is the key to switching the UK to a low carbon economy, and the bank’s location is crucial to that success. Edinburgh has a world class reputation for financial services excellence as well as a wealth of highly regarded education and R&D establishments which can provide the technological capability and impetus needed to drive clean energy develop. The bank will be dedicated to investing new, low carbon technologies, where other finance options may not be readily available. This can only be good for Edinburgh, Scotland and the UK.

Nathan Goode, partner at Grant Thornton who prepared the business case said:

“Putting the Green Investment Bank in the right place creates a unique opportunity to create a locational driver for a low carbon virtuous circle, where finance can be used to drive the low carbon industry towards commercialisation. Edinburgh’s credentials speak for themselves and offer a fantastic opportunity to deliver for the whole of the UK. Edinburgh is the 2nd financial centre in the UK and 4th largest in Europe; currently manages 13% of UK assets as well as boasting excellence in project financing and life and pensions. Coupled with its research and development capability and an emerging renewable energy and low carbon technology hub, it makes absolute sense for the Government to choose Edinburgh as the natural location to ensure that this breadth of knowledge and excellence is fully utilised.”

The Secretary of State for Scotland Michael Moore said:

“I am aware of the hard work which has gone into preparing the business case for taking the Green Investment Bank to Edinburgh where it will be able to serve the whole of the UK. I have consistently said I think it makes sense to have it in Scotland because of the unique strengths we have in terms of finance sector, the energy industry and research and I look forward to hearing the city’s bid in detail. I will continue to argue the case for Scotland within the UK Government over the coming months.”

Mark Lazarowicz MP added:

“The Edinburgh case is unrivalled in the UK in my view. No other location in the UK, including London, offers the combination of expertise and investment that the Green Investment Bank requires. We’re working really hard to ensure a positive outcome for Edinburgh when the Government makes its announcement in May.”