Isra-Mart srl:Edinburgh Green Investment Bank bid gathers pace

www.isra-mart.com

Isra-Mart srl news:

A coalition of Scottish firms lobbying for the coalition's planned Green Investment Bank (GIB) to be located in Edinburgh will today present their business case to the government, arguing that the city is the UK's most effective magnet for inward clean energy investment.

Representatives from the Edinburgh Green Investment Bank Group will today present their case, which has been prepared by Grant Thornton Accountants, to Business Secretary Vince Cable, Treasury officials and Scotland Secretary Michael Moore.

Led by Edinburgh Chamber of Commerce chief executive Ron Hewitt, and Edinburgh MPs Mike Crockart and Mark Lazarowicz, the case argues that Edinburgh has the advantage of being a financial centre situated close to where many renewable energy projects are being constructed and deployed.

"To support successful commercialisation, it is important that the GIB is closely connected to where the action is," it said. "This creates the virtuous circle that we consider vital to the successful commercialisation of low carbon energy."

Moore, who has already backed the group's bid to locate the GIB in the Scottish capital, said he would now continue to argue the case within government.

"I think it makes sense to have it in Scotland because of the unique strengths we have in terms of finance sector, the energy industry and research and I look forward to hearing the city's bid in detail," he said.

The Department for Business, Innovation and Skills said that the location will be decided "in due course".

Energy and Climate Change Secretary Chris Huhne has previously said that Edinburgh "does have a special advantage" as the potential location for the bank because of its proximity to many renewable energy projects and heritage as a financial hub.

A government spokesman told BusinessGreen that the bank was likely to be located in an existing financial centre.

"If the bank is targeting a small number of large infrastructure projects, it would need to be located close to the project finance community," he said.

The launch of the Edinburgh campaign comes just a week after Chancellor George Osborne announced that the bank would begin operations next year with £3bn of government funding, £2bn of which will be raised through asset sales.

However, the government has disappointed green business leaders by delaying the date at which the bank can begin borrowing additional funds until after the current parliament.