A delegation from the Edinburgh Green Investment Bank (GIB) group today (30 March) presented a business case in the House of Commons to locate the UK GIB in Edinburgh.
Handed to the Secretary of State for Scotland Michael Moore, the business case argues that having the GIB in Edinburgh is necessary to draw on expertise in its financial services, education, research and development, and its “growing reputation” in renewable energy and low carbon technologies. The location will also provide greater economic efficiencies and more opportunities for the clean energy and low carbon sector.
The delegation was led by Liberal Democrat Edinburgh West MP Mike Crockart and his Labour colleague from Edinburgh North and Leith, Mark Lazarowicz. The group also included representatives from the Edinburgh Chamber of Commerce, Scottish Power, Scottish and Southern Energy and Scottish Financial Enterprise.
Nathan Goode, partner at Grant Thornton who prepared the business case, said: “Putting the GIB in the right place creates a unique opportunity to create a locational driver for a low carbon virtuous circle, where finance can be used to drive the low carbon industry towards commercialisation. Edinburgh’s credentials speak for themselves and offer a fantastic opportunity to deliver for the whole of the UK.
“Edinburgh is the second financial centre in the UK and fourth largest in Europe. It currently manages 13% of UK assets as well as boasting excellence in project financing and life [insurance] and pensions. Coupled with its research and development capability and an emerging renewable energy and low carbon technology hub, it makes absolute sense for the Government to choose Edinburgh as the natural location to ensure that this breadth of knowledge and excellence is fully utilised.”
Moore agreed with the proposal saying he will, “argue the case for Scotland within the UK Government over the coming months.”