Bid to bring Green Investment Bank to Nottingham
Nottingham has ambitious plans to become the home of the government's Green Investment Bank. Speaking at an Invest in Nottingham Club lunch at Trent Bridge, chairman Paul Southby said there is a "head of steam" building behind a bid to get the bank based in the city.
Southby said: "We're all behind bringing new money and jobs into the city. There is a definite plan to make a bid to bring the Green Investment Bank to Nottingham and have it based here. Nottingham MP Chris Leslie is behind the bid and has raised the question in Parliament. There's a real head of steam building behind the bringing the bank to Nottingham."
The government said its proposed Green Investment Bank is intended to bridge the gap between venture capital and the green economy, provide the finance for low carbon infrastructure and lay the foundation for long-term, balanced growth.
Deputy Prime Minister Nick Clegg said recently that the government will bring forward legislation to ensure both the operational independence and enduring nature of the bank and has guaranteed £3bn for the initial capitalisation of it.
Speaking to an audience at Climate Change Capital in London on 23 May, Clegg said: "There are capital funds that want to invest in the green economy and firms bursting to grow but desperate for funds. The role of the Green Investment Bank is to close the gap between the two. Smart investment from the Bank will catalyse much greater investment from the capital markets.
"By providing the finance for low carbon infrastructure, the bank will also help to lay the foundations for our long term growth.
"It will be one of the tools we use to rebalance our economy, creating opportunities across the country and in a range of different industries – manufacturing, engineering, energy. Unlike most of our banks, the benefits of this one will be largely felt outside of London, and in sectors other than financial services.
"The establishment of the bank represents a world first. Most countries have a development bank. But the UK will be the first country in the world to have a national bank dedicated to the green economy."
