Welsh Conservatives have today called for a comprehensive bid from Wales to host the UK’s Green Investment Bank.
The group’s leader in the Assembly, Andrew RT Davies AM, has urged the Welsh Government to work with Westminster and the Wales Office to co-ordinate a detailed proposal from Cardiff.
The UK will be the first country in the world to create a bank dedicated to the ‘greening’ of the economy. The new institution will build on expertise in financial markets and green investments to mobilise additional private sector capital and gain market credibility by operating at arm’s length to Government.
It is expected the bank could assist in the injection of up to 15 billion pounds into the green economy over the next four years.
Bristol, Manchester, Edinburgh, Peterborough and Leeds have already submitted bids.
The process remains open and Welsh Conservatives believe Cardiff has the financial, energy and research expertise needed to be an outstanding site for the Bank.
Leader of the Welsh Conservatives in the Assembly, Andrew RT Davies AM, is writing to business leaders, local MPs and councils, leading energy, low-carbon and renewable technology firms, the South Wales Chamber of Commerce, Finance Wales and the Department for Business, Enterprise, Technology & Skills, to aid the development of a strong bid to host the Green Investment Bank in Cardiff, where money is already being invested into a Central Business District.
Mr Davies said:
“I want to see Wales harness the green economy to produce lasting and practical opportunities for economic growth. We can be world-leaders in this sector – creating green jobs and channelling the potential of green business.
“As it stands, we’ve fallen dramatically behind in these areas but by thinking ahead and making the right moves now – the Welsh Labour government can correct its past mistakes.
“It is my hope that the Business Minister is already in the process of co-ordinating a bid from Wales and I want to work both with her and the UK government to make this a reality.
“Hosting the Green Investment Bank would be hugely significant and I believe Cardiff is an ideal choice. The development of a Central Business District is already underway and the city has the potential to put in an incredibly strong proposal.”
Shadow Minister for Economy, Nick Ramsay AM, said:
“Cardiff has a real shot at hosting the Green Investment Bank.
“All the potential is already there. What we need now is co-ordinated approach and a very strong bid.
“This is all about giving our economy the shot in the arm that it needs.
“The Welsh Labour government can’t drag its heels on this, like it has enterprise zones.”
Shadow Minister for Environment, Russell George AM, said:
“The Green Investment Bank will make a vast difference to the green economy across the UK. Entirely focused on green investments, billions of pounds will be targeted at the sector.
“There’s no doubt that Labour needs to up its game in this area and – with the potential Cardiff has – there’s no reason why a very strong bid can’t be submitted.”
