Green Investment Bank location announced

The bank is being set up to help attract private investment for environmental projects, with funding of around 3 billion set aside.

Commercial and industrial waste processing facilities and energy from waste generation technologies such as pyrolysis and anaerobic digestion are among a number of priority sectors which will receive up to 80% of the funds according to the Department for Business, Innovation and Skills (BIS).

A total of 32 locations across the UK had applied to host the GIB, but Edinburgh and London were found to be the two leading candidates.

Speaking today (March 8) Mr Cable, said: Harnessing the strengths of Edinburgh and London will support the Green Investment Banks ambition to become a world leader. Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the worlds leading financial centre, will ensure that the GIBs 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 UKs transition to a green economy.

Bank

The bank is expected to employ around 50-70 employees across both sites and will also be recruiting a chairman and senior independent director in the coming months. It is scheduled to be fully operational this autumn, subject to state aid approval being granted. Chancellor George Osborne first confirmed plans to set up the GIB in his Budget speech in June 2010 (see letsrecycle.com story).

ESA

The news has also been welcomed by the trade body for the waste management industry, the Environmental Services Association (ESA). ESAs communications officer, Rid Hollands, said: Whilst it is good news for Edinburgh that the Green Investment Bank will be basing its headquarters in the Scottish capital, the function, not the location, of the Green Investment Bank is what is of chief interest to our members.

“Waste and resource management has been identified as a priority sector for the GIB and we look forward to working together to bring forward investment in new waste and recycling infrastructure.