The Business Secretary, Vince Cable, has announced that Green Investment Bank (GIB) will be based in both Edinburgh and London. The headquarters of the new bank will be located in the Scottish capital with the main transaction team based in England’s capital.
The GIB is designed to kick-start private investment in green technologies as the UK moves to a low-carbon economy. The GIB will firstly focus on providing support for offshore wind, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and the Green Deal.
After assessing applications from over 30 locations across the UK, Edinburgh and London were decided to be the most suitable locations. The BIS maintain that “sitting the bank across these two locations will enable the GIB to become a world leader, playing to the strengths of Edinburgh and London.”
Business Secretary Vince Cable said: “Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader. 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 GIB’s transaction team can hit the ground running.
“This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy.”
Scottish Secretary Michael Moore welcomed the news, commenting “I am delighted that the Green Investment Bank will be headquartered in Edinburgh. Scotland has enormous green energy potential and its capital is the UK’s second biggest financial centre.
“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 GIB presence there.
“By basing the GIB’s corporate HQ, asset management and administrative functions in Edinburgh and its transaction team in London, we can harness expertise across the country to deliver a strong and successful GIB for the UK.”
The GIB will now begin its search for a Chair and Senior Independent Director for its launch in autumn. Government hope that the GIB will employ between 50-70 full time staff across both sites.