皇冠体育app

皇冠体育app Business Secretary Vince Cable announced today (8 March) that the first ever UK Green Investment Bank (GIB) will be based in Edinburgh and London.

皇冠体育app headquarters of the GIB will be located in Edinburgh, with the GIB鈥檚 main transaction team based in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.

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: 鈥淗arnessing the strengths of Edinburgh and London will support the Green Investment Bank鈥檚 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鈥檚 leading financial centre, will ensure that the GIB鈥檚 transaction team can hit the ground running.

鈥淭his decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK鈥檚 transition to a green economy.鈥�

Scottish Secretary Michael Moore welcomed the news, commenting: 鈥淚 am delighted that the Green Investment Bank will be headquartered in Edinburgh. Scotland has enormous green energy potential and its capital is the UK鈥檚 second biggest financial centre.聽

鈥溁使谔逵齛pp size and scale of the UK鈥檚 single energy market ensures the level of investment that will unlock Scotland鈥檚 renewables future, providing sustainable and affordable green energy across the UK.聽 It makes perfect sense to have a GIB presence there.

鈥淏y basing the GIB鈥檚 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.鈥�

皇冠体育app next step for the GIB is the recruitment of the Chair and Senior Independent Director so that it will be in a position to be fully operational this Autumn, subject to state aid approval for the GIB. 皇冠体育app GIB is expected to employ 50-70 full time equivalent staff across the two sites.

An assessment of the applications from 32 locations across the UK found that Edinburgh and London were the two leading candidates. 皇冠体育app decision document, together with all the submissions from the 32 locations that put in a bid to host the Green Investment Bank (GIB), can be found at

皇冠体育app criteria for deciding on a location said that it should:

• be able to recruit and retain the specialist staff needed to run the organisation;
• enable the GIB to work closely with other parties involved in deals as well as other investment bodies, project developers and green technology providers, and;聽
• ensure that the GIB is cost effective.

-皇冠体育app GIB is designed to accelerate private sector investment in the UK鈥檚 transition to a green economy. Offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the GIB, subject to approval by the European Commission.

• 皇冠体育app Government is committed to setting the UK firmly on course towards a green and growing economy. 皇冠体育app transition to a green economy presents significant growth opportunities for UK-based businesses, both at home and abroad. This progression requires unprecedented investment in key green sectors. An estimated investment of up to 拢200 billion in the energy system alone is needed over the period to 2020. 皇冠体育app GIB will be uniquely placed to facilitate the transition to a green economy base by addressing the market failures affecting green infrastructure projects.聽 皇冠体育appse failures have led to significant under investment in the key areas required to deliver this transition. Capitalised with 拢3 billion, the GIB will complement other green policies to help accelerate additional capital in green infrastructure.