Business Secretary Vince Cable today announced that the Green Investment Bank (GIB) will be headquartered in Edinburgh with its main transaction team based in London. The government claims this arrangement will allow for greater commercial reach than sitting the bank at a single location.
Mr Cable explained: “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.”
Today’s announcement follows on from an application process that saw 32 locations across the country apply to host the GIB. The development of the institution has thus far been proceeding at a relaxed pace; the next step will be the recruitment of the Chair and Senior Independent Director with the aim of being fully operational this autumn, subject to state aid approval. The GIB is expected to employ the equivalent of 50-70 full-time staff across the two sites.
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How will the government and DMOs address the challenges of including glass in DRS while ensuring a level playing field across the UK?
There's no easy solution to include glass in the DRS while maintaining a level playing field. Potential approaches include a phased introduction of glass, potentially with higher deposits to reflect its logistical challenges. The government and DMOs could incentivise innovation in glass packaging design and subsidise dedicated return points for glass-handling. Exemptions for smaller businesses unable to handle glass might also be necessary. Any successful solution will likely blend several approaches. It must address the differing priorities of devolved administrations, balance environmental benefits with logistical and cost implications, and be supported by robust consumer education campaigns emphasizing the importance of glass recycling.