The Scottish Government has welcomed commitments from the new owners of the Green Investment Bank on the future of the Edinburgh-based institution.
The UK Government announced plans to privatise the Bank in 2015 – a decision that wasn’t favoured by the Scottish Government – and Its sale to the Macquarie Group, a global investment banking and financial services organisation, was confirmed yesterday.
The Macquarie Group has pledged to strengthen its commitment to Scotland by providing important new opportunities for the country’s low carbon industries and financial sector. Ministers have pledged to hold the company to account to ensure it delivers on its commitment.
The Scottish Government has been working to secure the Bank’s future, while highlighting the business opportunities and professional expertise available in Scotland.
Ministers had also stressed the importance of maintaining the Bank’s green focus, and the role it has played in the remarkable success of Scotland’s renewable energy industry.
Economy Secretary Keith Brown said: “I welcome the Macquarie Group’s clear commitment to Scotland and the assurances we have received that it will maintain the Green Investment Bank’s unique identity and its focus on the green projects that are key to Scotland’s continued economic success.
“This announcement is testament to the talent and opportunity to be found here and I look forward to working with the Macquarie Group to ensure its ambitious plans for Scotland are realised.
“The latest statistics show the number of people employed in the renewable and low carbon industries here has risen to 58,500, highlighting the sector’s strong record of success in Scotland.
“This, alongside Edinburgh’s leading role in the financial services sector, means Scotland is uniquely well placed to support investment decision-making in renewables and low carbon projects and I will continue to work with the Macquarie group to underline this.
“The Macquarie Group has indicated that staffing levels at the Green Investment Bank’s Edinburgh offices will be maintained and are likely to increase overall in the longer term. We will follow developments closely in the months and years ahead.”
Mr Brown’s SNP colleague North and Leith SNP MP Deirdre Brock is ‘deeply disappointed’.that the bank has been sold off.
Deidre Brock MP said: “This sale is deeply disappointing news although not altogether unexpected. It comes from a Tory Government prepared to waste millions on overpriced new nuclear while cutting vital commitments to our renewables industry.
“I’m relieved by the reassurances that jobs in Edinburgh will be retained but I hope under these new owners the bank will not be quietly stripped of its assets and remain green in name only. I’ll be seeking to meet with them and discuss their plans to ensure they remain true to their environmental purpose.
“The Tories have proven yet again they can’t be trusted with our public assets, they will always put profit before public good. We need to take the chance of this election to get rid of them before they do any more damage.”
The Greens have also criticised the sale to a ‘fracking funder’ that has invested billions of pounds in fossil fuel projects. Australian bank Macquarie has a history of investing in fracking and opencast coal mining projects and Green MSP Andy Wightman says that GIB’s environmental credentials are “now in tatters”.
Wightman, who has been campaigning to keep the bank open in Edinburgh, is requesting a meeting with GIB’s chairman to seek guarantees that the bank will remain true to its Green credentials.
Lothian MSP, Andy Wightman said: “The green credentials of the supposed Green Investment Bank are now in tatters. Why would the new owners allow for genuine green investments to be made if they are going to impact on the profitability of the company’s previous investments? I don’t expect the public to fully trust that GIB will make the right investments in renewables project that could eventually make fossil fuel methods redundant.
“As an MSP for the capital, I’m pleased that jobs will remain in the city. Edinburgh has a proud history of financial prudence, which has been inappropriately rocked in recent times by unscrupulous banking practices. With this sale I hope to see it return to responsible lending and investing that will be carried out with the due diligence that consumers expect.”
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