Commenting on the news today (8 March 2012) that the new the Green Investment Bank is to be based in Edinburgh, Friends of the Earth Scotland’s Chief Executive Stan Blackley said:

“This is great news. Edinburgh’s was always the natural and logical location for the Green Investment Bank given its unique combination of renewable energy and financial infrastructure and expertise. Basing the Bank in Edinburgh will further boost Scotland’s vital progress with green technologies and renewable energy.

“While the location of the Bank is important, what is absolutely crucial is that it has real teeth. It can’t just be simply be a government fund, but needs to have full borrowing and lending powers from day one. A flourishing Green Investment Bank will be vital to drive the billions of pounds of low-carbon energy investment and job creation that is required. It’s worked brilliantly in Germany and it can be work here in the UK as well.”

“Moreover, other Scottish banks, such as the taxpayer-owned Royal Bank of Scotland, need to clean up their acts, stop investing in high carbon, environmentally damaging projects such as Canadian tar sands, new coal power stations and deepwater oil drilling, and move to more ethical investments and activities. The Green Investment Bank can assist in this by setting a new ethical standard and leading by example.”

ENDS

For media enquiries, please contact: Per Fischer, Press Office, Friends of the Earth Scotland
t: 0131 243 2719

Notes to Editors

1. Green bank headquarters to be based in Edinburgh (BBC News)
www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-17298240

2. 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, 77 national member groups, and some 5,000 local activist groups – covering every continent.
www.foe-scotland.org.uk