Green Investment Bank to be located in Edinburgh?

A Green Investment Bank (GIB) which would provide funding for renewable energy schemes could be located in Edinburgh after campaigners argued the Scottish city has the necessary expertise.

The GIB will be set up with £3 billion of public money to finance the early stages of renewable energy projects.

And a lobbying group of Scotland's financial sector, power and renewable energy firms, as well as universities, say that Edinburgh has the necessary knowledge, and claim that that the GIB would lack impact if located in London.

"Ministers should feel confident that by opting to locate the bank in Edinburgh, they are delivering best value and providing greater opportunity in this vital sector across the UK," said Ron Hewitt, of the Edinburgh Chamber of Commerce.

"Successful commercialisation depends on effective collaboration and partnership, not simply within the complex and extensive supply chains that are a key feature of the industry, but also between industry, technology and know-how and finance."

Last week Energy Minister Chris Huhne revealed that Scotland will be a key part of the government's renewable energy budget, calling it "mission critical" to meeting the UK's green energy targets.

Posted by Ruth Bradshaw