Business Secretary Vince Cable said: “Harnessing the strengths of Edinburgh and London will support theGreen 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.
Designed to lubricate private sector investment in low-carbon projects, GIB HQ will be located in Edinburgh, with its main transaction team based in London employing some 50-70 full time equivalent (FTE) staff across the two sites to enable a greater commercial reach nationally than could be achieved from one location, stated the government's department for business innovation and skills said in the statement.
The GIB is designed to accelerate private sector investment in the UK’s 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. GIB will initially be capitalised with £3bn, but is unable to borrow money until 2015, which, it is felt in some sectors, is slightly crippling.
Scottish Secretary Michael Moore (left) comments “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.