The news that Edinburgh will become the headquarters for the UK’s Green Investment Bank has been welcomed with open arms by many in the industry. The bank is set to lend £3 billion over the next three years and from April 2015 is expected to leverage a further £15bn for low carbon projects. The bank will prioritise financing offshore power generation, waste processing, recycling, energy from waste and non-domestic energy efficiency.
Paul Brewer, senior partner at PwC in Edinburgh and advisor for the bid team said Edinburgh’s location would be good for financing future projects.
He said: “This decision clearly recognises the tremendous depth of financial and green energy skills and experience held in the city and across central Scotland and will be a positive catalyst for private sector investment and green energy development across Scotland and the UK as a whole.”
Scotland-based M&C Energy Group welcomed the news, but warned there was still plenty to be done. Andy Dewis, an environmental specialist at M&C said: “With UK investment estimated to still be at less than half of that required to meet the greenhouse gas reduction targets, the GIB can only be a step forward but given the current restrictions placed on the bank itself, this is unlikely to be enough alone to help meet the investment requirements of those targets.”