Green Investment Bank Hopes For Scotland

Alyn Smith, SNP MEP and Member of the European Parliament's Energy Committee, and Edinburgh resident, has today (Monday) welcomed Edinburgh's formal bid to host the new Green Investment Bank.

Edinburgh is one of 19 cities in the running to site the headquarters of the bank. The GIB is being set up with £3bn of public money to help firms finance early-stage renewable energy schemes.

Alyn said:

"Scotland gave the world Adam Smith, and in terms of natural comparative advantage the case for hosting the Green Investment Bank is open and shut.

"Scotland has a unique mix of natural resource; cutting edge research; practical engineering expertise; international heavyweight companies already active in the sector; and a human social geography which means you can get everyone into one room and collaboration is natural. Together with our already world class financial sector this makes a uniquely compelling case to site the bank here.

"All of these advantages of course will remain with us after independence, and within the single market of the European Union the bank will be able to continue to invest in projects across the British Isles and wider EU on merit.  Any other working relationship would leave the bank open to an accusation that instead of being a genuine attempt to encourage the market it risks instead being a politically driven white elephant."

For further information on the GIB: http://www.bis.gov.uk/greeninvestmentbank