Business Secretary Vince Cable has unveiled more details on the plans to create the world’s first public bank dedicated to the green economy, telling MPs it could generate an extra £15 billion of private investment for major projects by 2015.
The bank will be set up with £3 billion in funding and will start to lend money to areas such as offshore wind from next year for schemes that have “risks which the private sector cannot adequately finance”.
Mr Cable told MPs: “Proposals have been made to locate the headquarters in, among others, London, Edinburgh and Bristol, and a decision will be taken in due course based on the ability to deliver the aims of the bank.”
Early priorities are likely to include offshore wind, waste and industrial energy efficiency.
Bristol City Council submitted a bid earlier this month with a letter backed by councillors and businesses setting out the area’s background in financial services as well as its green credentials.
“They will not make a decision for a while yet but it has to go to a city that has a significant banking presence. We are the official green capital and our banking sector is supported by the professional services associated with that as well.”