Scotland wants first crack at green funds

Nov. 29, 2012 at 8:19 AM
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EDINBURGH, Scotland, Nov. 29 (UPI) -- The Scottish government is moving to the front of the line in its bid to secure funding from the Green Investment Bank, the energy minister said.

The British government set up the Green Investment Bank, the world's first low-carbon bank, in Edinburgh, Scotland. With $4.8 billion on hand, the bank will play what London said was a "vital role" in stimulating private investments in the green energy sector.

GIB Chief Executive Officer Shaun Kingsbury told The Guardian newspaper in London the bank was aiming to attract another $24 billion in private investments in green energy plants, energy efficiency and carbon capture by 2015.

Scottish Energy Minister Fergus Ewing touted his green-energy record as reason for sound investments.

"Edinburgh is the only location in the U.K. to bring together both finance and the clean energy industry in a single location, and has an unrivaled concentration of industry skills and experience," Ewing said in a statement. "That's why the Green Investment Bank is headquartered here and it's why our projects will lead the way when the bank awards funding."

His government formed a management team aimed at supporting Scotland's efforts to secure funding from the GIB.

Scotland aims to generate 100 percent of its electricity needs through low-carbon projects by 2020.

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