Member Article

Sunderland makes Green Investment Bank bid

Sunderland City Council are the latest entrants to the competition to host the world’s first Green Investment Bank, which is set to invest £3 billion in businesses across the UK.

The Council made the decision to bid for the Bank to fulfill its ambition to improve the low carbon economy on a regional and national platform

In December they began the self-assessment process in response to the Department of Business Innovation and Skills call for cities looking to host the bank.

Launching the bid today, City Council Leader, Councillor Paul Watson said: “We have the leading manufacturer of electric vehicles in Nissan, the best broadband in the UK which will maximise the potential for international investment communications and our port which is developing expertise in sub-sea engineering – vital for the future of the off-shore wind industry.

“There are major employment opportunities in green industries, both in the North East and across the UK. It is clear that you cannot have a bidding process without Sunderland being central to it.”

The bid has received support from all political parties, who are keen to see Sunderland make efficient use of public monies and provide stability for businesses and individuals to invest in the city.

Chief Executive Dave Smith added: “We have followed the development of the Green Investment Bank with great interest given our growing profile in sustainability across the city.

“It is clear that in addition to driving local carbon industry through the Local Enterprise Zone, we can meet and in fact go well beyond the criteria set out by government.

“We have a vision of thousands of new green jobs being created by the Bank and our own sustainable investment plans.”

As well as their bid to host the Green Investment Bank 2012 will also see the start of Sunderland’s new Inward Investment campaign to increase the city’s appeal to international markets.

This was posted in Bdaily's Members' News section by Ruth Mitchell .