Scottish hopes for Green Investment Bank

The Scottish Secretary has put his support behind setting up the Green Investment Bank (GIB) in Scotland.

Speaking at the Scottish Renewables' Green Energy Awards in Edinburgh yesterday (December 2), the Secretary of State for Scotland, Michael Moore voiced his hope that the GIB will be located in Scotland.

He said said: "At the top of the list must be investment in the green technologies that will end our dependence on fossil fuels.

"One of the key mechanisms for supporting the growth of the green economy in Scotland and the UK as a whole will be the Green Investment Bank, which I want to see based here in Scotland and which will benefit the industry in Scotland."

There was optimism at the conference as new figures from industry body Scottish Renewables showed that Scotland is on track to surpass the Government's target of 31 per cent of all electricity demand to be met from renewables by 2011.

Scottish Renewables chief executive Niall Stuart said: "Scotland's renewables industry has grown faster and further than anyone dared to hope even a few years ago.

"We now have over 4GW of developments in operation - enough to generate 32 per cent of the annual demand for electricity from every home and business in the country.

"With another 765MW in construction right now, it is clear that even allowing for increased demand year on year, we will more than meet the target of 31 per cent of all electricity demand in 2011." Alison Brown


Scotland | green bank | renewables


Click a keyword to see more stories on that topic, view related news, or find more related items.


You need to be logged in to make a comment. Don't have an account? Set one up right now in seconds!

© Faversham House Group Ltd 2010. edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.