New £2Billion Green Investment Bank in Scotland

The UK Government is being urged to base a new £2billion green investment bank in Scotland.

Nationalist Rob Gibson said the institution, which would channel public and private-sector investment into energy infrastructure, should be located close to windfarms, both on and offshore, and places where wave and tidal energy devices will be sited.

The Highlands and Islands MSP has raised the issue with UK Energy and Climate Change Minister Chris Huhne and Scottish Secretary Michael Moore.

A spokesman for First Minister Alex Salmond said the SNP government was strongly in favour of the bank being based in Scotland.

Mr Gibson said: “There is cross-party commitment to a UK-wide green investment bank that will help to direct investment to the industries, improvements and key areas that can and will build a new green economy.

“It must be close to the people and industries it is working with to understand the needs of the industry and the benefits that can come from key investment in the right places.

“Scotland has the energy industry, the financial sector and the green potential to make this the perfect location.” Mr Gibson said Scotland was widely recognised as having “enormous potential” to develop onshore and offshore renewable energy.

“We are leading renewables and particularly off shore energy development. The best way to understand what the industry needs to fulfil its potential is to be amongst that industry.

"These elements - particularly the proximity to companies and individuals actually working at the front line of decarbonising our economy cannot be accessed anywhere else.

“Scotland is widely recognised as having enormous potential to develop on shore and off shore renewable energy with wave and tidal power resources in areas like the Pentland Firth that can truly put Scotland at the forefront of the green economy.

“All parts of the UK have a contribution to make but there can be no denying Scotland’s significant potential and the need for infrastructure investment to bring the offshore energy potential on shore and into use.

“Along with opening up access to Scotland’s Fossil Fuel Levy to support investment in Scotland and introducing a fair transmission charging regime locating the Green Investment Bank within Scotland’s renewable and financial industries would finally show a UK Government that understood Scotland’s renewable potential.”

Source: Green Energy UK