By Kari Williamson

The Green Investment Bank, which is expected to become fully operational this autumn, will now start the recruitment of the Chair and Senior Independent Director. The GIB will employ 50-70 full time equivalent staff across the two sites.

Cable says: “Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader. Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running.

“This decision will allow the GIB to operate effectively and achieve its mission of mobilising the additional investment needed to accelerate the UK’s transition to a green economy.”

Scottish Secretary Michael Moore, adds: “The size and scale of the UK’s single energy market ensures the level of investment that will unlock Scotland’s renewables future, providing sustainable and affordable green energy across the UK. It makes perfect sense to have a GIB presence there.

“By basing the GIB’s corporate HQ, asset management and administrative functions in Edinburgh and its transaction team in London, we can harness expertise across the country to deliver a strong and successful GIB for the UK.”

The Green Investment Bank aims to accelerate private sector investment in the UK’s transition to a green economy, with a focus on renewable energy and energy efficiency.