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UK NEWS
Business Secretary Vince Cable has announced that the Green Investment Bank will be based in Edinbur
The UK's first Green Investment Bank (GIB) will be based in London and Scotland, the Government has announced.
The UK's first Green Investment Bank (GIB) will be based in London and Scotland, the Government has announced.
Business Secretary Vince Cable said the headquarters will be in Edinburgh, with the main transaction team in London.
He said: "Harnessing the strengths of Edinburgh and London will support the Green Investment Bank's ambition to become a world leader.
"Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world's leading financial centre, will ensure that the GIB's transaction team can hit the ground running.
"This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK's transition to a green economy."
The bank is designed to accelerate private sector investment in "green" projects and is expected to employ 50-70 full-time staff across the two sites, with the number of staff based in Edinburgh expected to rise from 2015.
Scottish Secretary Michael Moore welcomed the news, saying: "I am delighted that the Green Investment Bank will be headquartered in Edinburgh. Scotland has enormous green energy potential and its capital is the UK's second biggest financial centre."
The Government said offshore wind power generation, commercial and industrial waste processing and recycling, energy from waste generation, non-domestic energy efficiency and support for the Green Deal will be the first priority sectors for the GIB, subject to approval by the European Commission.
Friends of the Earth's economics campaigner, David Powell, said: "Choosing the HQ for the Green Investment Bank has been like arguing about where to put the cherry on a half-baked cake. This is great news for Edinburgh, but George Osborne's inadequate support means it will start life as a lame duck.
"A flourishing Green Investment Bank is vital to unlock the huge potential of clean British energy and create thousands of new jobs. The Chancellor's Budget must free the bank from his vice-like grip by allowing it to borrow and lend from the markets from day one."
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