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Edinburgh steps up campaign to be chosen as the base for the new Green Investment Bank.

Edinburgh has enjoyed a late surge of support following the imminent announcement of the Green Investment Bank’s location and has stepped up its campaign to be chosen as the base for the coalition’s proposed new Green Investment Bank.

Scotland’s Energy Minister, Fergus Ewing, met members of Edinburgh’s Green Investment Bank Group to discuss the Scottish capital’s bid. Ewing believes that locating the new bank in Edinburgh would give the UK the best chance of becoming a centre of excellence in green investment. He said: "Edinburgh is the only location in the UK which brings together both finance and the clean energy industry in a single location. It has an unrivalled concentration of industry skills and experience.

"Locating the Green Investment Bank in Edinburgh will ensure the best possible chance for the UK to develop as the European centre of excellence in this sector."

Edinburgh will be competing against 31 other towns and cities across the UK to become host to the headquarters of the Green Bank. The Green Investment Bank is being set-up with £3 billion of taxpayer funding to help support early-stage renewable energy schemes and is expected to inject nearly £15 billion into the low-carbon economy over the next four years.

Edinburgh has received cross-party support in Scotland and is also being backed by some of the country's largest investment funds, including Standard Life Investments, Martin Currie and Aberdeen Asset Management.

Edinburgh Chamber of Commerce Chief Executive, Ron Hewitt, said: “Edinburgh’s case is compelling and superior to that of London. However, the campaign is far from won and to have all of the political parties and all of our financial institutions backing us is very encouraging.”

Government is expected to announce the location of the bank by the end of February.

Source: Solar Power Portal

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