The Government has received 32 Green Investment Bank host applications from cities across the UK. But what is a Green Investment Bank and where will it be located? Alex Blackburne has the answers.
The Government will this month decide where the headquarters of its Green Investment Bank (GIB) will be located, after 32 cities including Leeds, Hull, Norwich and Bristol, tabled bids.
The £3 billion project is part of the Government’s pledge to create a green economy, in which there are “significant growth opportunities for UK-based businesses”.
Upon the announcement of the 32-strong HQ candidate list, business secretary Vince Cable said, “I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution.
“They all have a role to play in helping the UK seize the benefits of a transition to a low carbon economy”.
The GIB will aim to accelerate sustainable investment, with the hope that it can marry together “significant green impact and making financial returns”, whilst also creating jobs for the selected city.
Juliet Davenport, CEO of Good Energy, welcomed the proposals for the GIB, but said that it needs a clear agenda from the off if it is to be successful.
“It’s good news that plans for the Bank are moving forward, but it is absolutely essential that it doesn’t miss a trick by just focusing on the biggest projects”, she explained.
“To use the renewable resources we have in the UK, we need to invest in projects at a range of sizes.
“Smaller projects face their own investment challenges, so it is essential that the Bank dedicates the time and resource necessary to tackle them”.
The final decision as to which city will host the GIB isn’t expected until later this month, but Blue & Green Tomorrow will be spending the next few weeks deciding, or rather recommending, which of the 32 it should be, based on a variety of detailed criteria.
For each city, we’ll be looking at its carbon emissions, economy, education system, and financial services, amongst other things. We’ll then pit the best off against each other in an FA Cup-style knockout competition, before eventually deciding an overall winner.
In the meantime, though, why not brush up on your green investment knowledge by reading up on the background of ethical investment?
If you’re already intrigued at the idea of investing sustainably, why not ask your financial adviser? If you don’t have one, fill in our online form and we’ll give you a helpful nudge in the right direction.
Picture source: Ryan Hyde