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Written Statement - Green Investment Bank

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Edwina Hart, Minister for Business, Enterprise, Technology and Science

This statement updates Members on the Welsh Government’s bid to host the Green Investment Bank (GIB).

The UK Government announced yesterday (8 March 2012) that the headquarters of the GIB should be in Edinburgh, with the GIB’s transaction team and project financing team based, initially, in a London office.

I am naturally disappointed that the bid we made to the UK Government to locate the GIB in Cardiff has been unsuccessful.  On behalf of the Welsh Government and Cardiff, my Financial and Professional Services Sector Panel prepared a robust bid submission.  There was strong competition to host the GIB, with 32 separate bids.  Once we have received feedback from the UK Government, I will of course review this with the Sector Chair.

We will continue to do all we can to seek opportunities for profitable growth in the Financial and Professional Services sector in Wales, including progressing plans to designate the Cardiff Business District as the UK's only financial services Enterprise Zone. To that end, we will focus our energies to help Welsh businesses to benefit from the larger job opportunities that will arise from the “Green Deal”.  

The Green Deal will provide green loans for energy saving technologies and has the potential to generate many more jobs than the 50-70 being created by the GIB.  A number of Welsh based companies have been alerted to the future Green Deal opportunities and are well placed to support the planned Green Deal initiative.