Budget Reaction: Welcome for National Investment Bank Capital Commitment and Call for Budget Alignment with Climate Plans
Reacting to today’s draft budget (1), Friends of the Earth Scotland welcomed the commitment to capitalise the National Investment Bank and called for future budgets to align with climate plans and deliver a just transition to a zero carbon economy.
The budget included a commitment to set aside £340 million for initial capitalisation of the Scottish National Investment Bank in 2019-21.
Head of Campaigns Mary Church said:
“It’s encouraging to see a timescale and capital commitment for the Scottish National Investment Bank laid down in this budget. The bank must be given a remit that enables it to have a real impact in tackling inequality and building the zero carbon economy, investing in the transformation of our transport, heating, housing and electricity.
“Going forward the Scottish National Investment Bank should work closely with the recently announced Just Transition Commission and government-owned energy company to deliver a joined up economic strategy that puts tackling climate change at its heart.”
“Future budgets must be strictly aligned to Government plans to deliver on our climate change targets, and a just transition to a zero carbon economy. This should be enshrined in the new Climate Change Bill.”
The Scottish Government has previously stated it wants to ‘seize the economic opportunities of tackling climate change’ and that the Bank will be purposed with ‘accelerating the transformation to a low carbon, high-tech, connected, globally competitive and inclusive economy.’ (2)
Notes to Editors
- The Scottish Budget can be found at http://www.gov.scot/Resource/0052/00529171.pdf
The Cabinet Secretary’s statement can be found at https://news.gov.scot/news/budget-sets-out-economic-growth-package
- Consultation paper on the Scottish National Investment Bank
- Friends of the Earth Scotland is
* Scotland’s leading environmental campaigning organisation
* An independent Scottish charity with a network of thousands of supporters and active local groups across Scotland
* Part of the largest grassroots environmental network in the world, uniting over 2 million supporters, 75 national member groups, and some 5,000 local activist groups.