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Green Investment Bank to be based in Edinburgh

[ 08 Mar, '12 ]

The Government has announced that the Green Investment Bank will be based in Edinburgh.

The Business Secretary Vince Cable announced today (8 March) that UK Green Investment Bank (GIB) will be based in Edinburgh, with the GIB\'s main transaction team based in London.

The decision follows a competition to find the home for the GIB, with 32 cities across the UK making a bid.  

Ed Matthew, Director of Transform UK said:

Scotland is a power-house for low carbon development and Edinburgh has fought with passion and determination to be the home to the Green Investment Bank. Congratulations Edinburgh. The fact so many cities applied demonstrates that across the UK the benefits of developing a low carbon economy are understood and embraced.  

But the most important decision is still to come. Will George Osborne announce in the Budget that he will lift the crippling constraint that the GIB cannot borrow until the next Parliament? If the Green Investment Bank can’t borrow, it is not a bank and will fail to fulfil its enormous potential to re-boot the UK economy and re-power our energy system at the scale and speed required. If the Chancellor is serious about delivering a Budget for growth, he must lift the borrowing constraint now.”

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£450 billion is required in energy investment by 2025 but traditional investors can only deliver £50 to 80 billion. This leaves an energy finance gap of up to £400 billion