SE welcomes Green Investment Bank decision
Scottish Enterprise has welcomed today’s decision by Vince Cable that the headquarters of the new UK Green Investment Bank will be located in Edinburgh.
Scottish Enterprise chairman, Crawford Gillies, said: “This is fantastic news for Edinburgh and for Scotland. The Green Investment Bank will be an enduring institution supporting the growth of the UK’s renewable energy and low carbon sectors.
“Being headquartered in Edinburgh will enable the bank to draw on the city’s world class financial services expertise as well as Scotland’s renowned capabilities in the development of renewable and low carbon technologies. Not only will this help ensure the long term success of the Green Investment Bank but it will also further enhance Scotland’s renewable ambitions, making it the world’s leading location for renewable energy.”
The Department for Business Innovation and Skills (BIS) announced that the Green Investment Bank will also have a transactions team based in London that will work alongside staff at the Edinburgh HQ to enable a greater commercial reach nationally than could be achieved from one location.
BIS also announced that it will be starting recruitment of the Chair and Senior Independent Director and that the GIB is expected to be fully operational by Autumn 2012. It is expected that the GIB will employ 50-70 full time equivalent staff across the two sites.
A copy of the Department of Business Innovation & Skills press release is available at:
http://www.bis.gov.uk/news/topstories/2012/Mar/green-investment-bank-based-london-edinburgh
Edinburgh’s business case was developed by the Edinburgh Green Investment Bank Group, which included a wide range of public and private sector partners and representation from both the financial services and renewable energy sectors.
It also attracted support from an even wider group including international fund managers, major renewables companies, all other Scottish cities and politicians from every political party.
A summary of the key arguments included in Edinburgh’s business case were:
· Edinburgh is already the location of choice of global firms in financial and professional services. The Green Investment Bank will be able to draw on a talent pool of 60,000 financial services employees in Edinburgh’s travel-to-work area.
· Edinburgh is ranked the fourth largest financial centre in Europe in equity assets and has an impressive track record of mobilising and managing significant levels of finance from global markets, which will be critical to the GIB’s long-term success
· Edinburgh has proximity to levels of renewable energy and low carbon development not found elsewhere in the UK. Locating the GIB in Edinburgh will make the UK a global centre of excellence.
· The GIB will also benefit from the world class academic research in renewables and low carbon technologies currently being undertaken by universities in the Edinburgh area and have access to thought leaders to help shape future priorities.
· Edinburgh is one of the most well connected cities in the UK with direct flights to 15 other UK airports and 109 international airports. It also has excellent rail, bus and road links that will ensure the GIB can access customers and suppliers easily, wherever they are based.