Scottish Renewables and Friends of the Earth welcome implementation plan for Scottish National Investment Bank


(Photo: twitter/ScotGovFM)

The Scottish Government has announced the plan with the following recommendations:

‘The bank should:

  • Be publicly-owned and mission-driven, focused on supporting Scotland’s economic priorities and promoting inclusive growth
  • Operate in an ethical and transparent way
  • Cowork to crowd in, not crowd out, private sector investment
  • Be supported by long-term capitalisation of at least £2 billion over the first ten years
  • Become self-sustaining in the longer term, raising its own capital to fund investments
  • Provide long-term, patient finance for both smaller firms and larger projects
  • Create opportunities and new markets for the private sector to invest in’

At first sight, the plan looks tremendously positive and the public consultation response has been very enthusiastic too. In particular, Scottish Renewables and Friends of the Earth Scotland, reported in Energy Voice today, have said that ‘a new publicly-owned investment bank opens the door for effective investment in low carbon energy solutions.’

The Chief Executive of Scottish Renewables, said:

‘Scotland leads the world in the development of devices which can capture energy from waves and tides – but these are sectors which are at a difficult stage of their development. Wave and tidal technologies offer particular characteristics that are helpful in supporting our move towards a new, less centralised energy system and, as we’ve seen in the economic cases behind our island wind projects, can offer wider benefits to smaller, more fragile economies. With the right investment, our wave and tidal energy sectors can continue on the path towards full commercialisation, giving Scotland a huge first-mover advantage in an energy sector with enormous global potential.’

Evidence of the potential in Scottish wave and tidal energy production has been reported earlier here at:

As world’s largest tidal energy plant in Pentland Firth generates 1GWh which is enough for 700 000 homes, will Scotland become the most energy-rich country in Europe?

MAJOR NEWS: World’s first tidal-powered hydrogen generated in Scotland after £3 million funding from SNP Government

 Friends of the Earth Scotland said:

‘We’re encouraged that plans for the establishment of the Scottish National Investment Bank are progressing, and commend the First Minister’s strong indication that the Bank will be tasked with building the new low-carbon economy.The creation of a new publicly-owned Bank which invests to maximise social, environmental and ethical returns and intervenes fully in the economy to create and shape markets could be transformative in Scotland’s efforts to address climate change and inequality.’

See these for additional thoughts on the topic:

Why Scotland needs a National Investment Bank

Scotland to get a National Investment Bank to help grow the economy and do what the big banks have failed to do

We already have a kind of National Investment Bank though we still need a bigger one

I think this is non-controversial, very good, news for Scotland and I look forward to any attempt by BBC Scotland to present it otherwise.


7 thoughts on “Scottish Renewables and Friends of the Earth welcome implementation plan for Scottish National Investment Bank

  1. achmony March 1, 2018 / 10:26 am

    The loathsome BBC Scotland will no doubt attempt to generate the usual propaganda-induced negativity. SNP Scottish Government BAAAAAAAAD!

    Liked by 1 person

  2. William Henderson March 1, 2018 / 1:04 pm

    The new bank is the best news we’ve had for a very long time. Watch the opposition it will receive from the established world of money!

    Not too tangentially, on this seriously cold day, the – mainly Scottish – wind power industry is providing 50% more juice than nuclear and is right up there with coal and gas for output..

    Liked by 2 people

  3. Ludo Thierry March 1, 2018 / 7:12 pm

    Hi John – I believe the dastardly beeb Jockland might just have hit upon a cunning plan to deal with the ‘crisis’ of unreconstructed ‘good news’ for the SNP Scottish Govt in the announcement of the Scottish National Investment Bank. From my trawl through the beeb Jockland site (including the laughable Scottish Economy page) I am seeing, to date, precisely NIL mention of the much heralded launch. Clearly the beeb Jockland editorial hierarchy are applying the rule: If we can’t find an angle to paint a news item as SNP Baaaaad then we don’t run it – Simples, as they say.

    Liked by 1 person

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