Business Secretary Vince Cable has announced that the headquarters for the UK’s Green Investment Bank will be Edinburgh, with the bank’s main transaction team based in London.
“Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the Green Investment Bank’s transaction team can hit the ground running,” says Cable.
“This decision will allow the Green Investment Bank to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy.”
The Green Investment Bank’s mission is to accelerate private sector investment in the UK’s transition to a green economy.
The bank’s priority sectors are: offshore wind power generation, commercial and industrial wate processing and recycling, energy from waste generation, and non-domestic energy efficiency.
However, it remains to be seen how with its £3bn pot of cash the Green Investment Bank will achieve the government’s aim of a green economy. Ministers estimate some £200bn of investment in the energy system alone is needed over the period to 2020. Every drop counts…