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Scotland 'the Natural Choice' for Green Bank Headquarters

March 30, 2011 4:44 PM
Originally published by Scottish Liberal Democrats

Orkney and Shetland MP Alistair Carmichael has argued that the central role Scotland plays in the renewable energy sector makes Edinburgh the 'natural choice' as the location for the headquarters of the new Green Investment Bank (GIB).

Mr Carmichael was speaking after campaigners presented the business case for Scotland to the Scottish Secretary Michael Moore at the House of Commons this morning.

Ministers confirmed in the Budget that they would triple the initial resources available to the bank to £3 bn. The bank will provide finance for renewable energy schemes that may not be able to secure investment from traditional sources.

Earlier this year, Energy Secretary Chris Huhne told MSPs at the Scottish Parliament that the track record of Scottish financial institutions will give Scotland 'a special advantage' as decisions in the location of the bank headquarters are taken.

Commenting, Mr Carmichael said:

'As the Energy Secretary made clear earlier this year when he spoke to MSPs, there are a number of reasons why Scotland should be the natural choice for the headquarters of the new GIB.

'Scotland has a growing international reputation for excellence in the field of renewable energy. Locally, EMEC are developing the next generation of wave and tidal generators and the sector will become an increasingly important part of our economy in years to come. Scottish universities are also at the cutting edge of research in this area.

'What the launch of the business case for Scotland this morning made clear was that there is consensus amongst business groups, universities and politicians of all parties that this is something that would be good for Edinburgh and good for Scotland.'