Uncertain Future For Bank

Deputy First Minister John Swinney is seeking reassurances over the future of the Green Investment Bank.

The UK government has announced plans to begin moving it into private ownership.

Mr Swinney is urging ministers to commit to maintaining a public stake in the bank and is calling for reassurances that all Edinburgh-based jobs will be protected:

“Continued investment in tackling climate change and reducing our carbon footprint is essential and I urge the UK Government to provide guarantees on the future of the Green Investment Bank.

“The UK Government must retain a public stake in the bank and the UK Government must also ensure the Green Investment Bank’s headquarters and jobs are retained in Edinburgh, as it was specifically chosen to reflect Scotland's position at the vanguard of the renewables sector.

“The original purpose of the bank, which was to accelerate the transition to a low carbon economy, must be retained. I am concerned that privatisation is seen as further evidence of the UK Government turning its back on green initiatives, particularly given their plans to cut support for onshore wind energy.

“I would also like reassurances that all of the £3.8bn funding announced for green projects in 2012 for the bank is honoured.”