Mar 9th 2012
Dual base for UK Green Investment Bank
On Thursday 8 March business secretary Vince Cable announced that Edinburgh has been selected as the headquarters of the £3bn Green Investment Bank, with the main transaction team based in London.
The Bank, which is expected to become fully operational later this year, aims to accelerate private sector investment in the UK's transition to a green economy, with a focus on renewable energy and energy efficiency.
Cable said the cities were chosen as "Edinburgh has a thriving green sector" and "London, as the world's leading financial centre, will ensure that the Green Investment Bank's transaction team can hit the ground running". He added: "Harnessing the strengths of [these cities] will support the Green Investment Bank's ambition to become a world leader".
Welcoming the news Scotland's first minister Alex Salmond said the decision recognises the country's position at the "vanguard of the renewables revolution". He said Edinburgh has an unrivalled concentration of industry skills and experience and called for work to begin on channelling investment into low-carbon projects to move the sector onto a strong commercial footing.
Scottish secretary Michael Moore added: "The size and scale of the UK's single energy market ensures the level of investment that will unlock Scotland's renewables future, providing sustainable and affordable green energy across the UK. It makes perfect sense to have a Green Investment Bank presence there".
The institution will now start the recruitment of the chair and senior independent director. The Green Investment Bank will employ 50-70 full time equivalent staff across the two sites.
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