Edinburgh confirmed as Green Investment Bank HQ
08 March 2012
The government has revealed its £3bn Green Investment Bank (GIB) will be headquartered in Edinburgh following a fierce campaign from Scottish businesses to secure the bank for the city.
Business Secretary Vince Cable revealed that Edinburgh had won the bid to host the Green Investment Bank, but a transaction team and project financing team will also initially be based in a London office to help drive investment.
He said the arrangement would deliver a greater commercial reach nationally than could be achieved from one location.
"Harnessing the strengths of Edinburgh and London will support the Green Investment Bank's ambition to become a world leader," he said.
"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."
The decision follows a major campaign from Scottish businesses and politicians to base the bank in Edinburgh. Campaigners argued the city combined a strong financial services sector with proximity to emerging renewable energy projects, such as Scotland's expanding marine renewable energy hub off the west coast, and planned onshore and offshore wind farms.
ECCI Executive Director Andy Kerr said:
"The news is another massive vote of confidence for the concentration of financial expertise and skills in Scotland, and in its thriving low carbon sector. The positioning of the GIB here is great news for Edinburgh and Scotland, and is a further step towards creating a vibrant low carbon economy in the whole of the UK."