A group of cross party Scottish MPs has challenged the Department for Business over the final destination of the Green Investment Bank. Led by Scottish Environment Minister Fergus Ewing, the group argue that the city of Edinburgh is best placed due to its advanced history of finance.
The letter to Business Secretary Vince Cable cites Edinburgh’s academic and government prowess in the development of green infrastructure as well as its business acumen: “Edinburgh has a unique business ecosystem, which will fully deliver the mission and each of the different functions of the Green Investment Bank. This along with Scotland’s legacy of excellence in the energy industry and with Europe’s best renewables resources places Edinburgh as the ideal location for the Green Investment Bank.”
The UK Government announced the UK would set up the world’s first investment bank solely dedicated to greening the economy and will require an estimated £200 billion of private investment in green sectors. BIS will decide on the location of the bank in February.