Member Article

Sunderland submits Green Investment Bank bid

Sunderland City Council have submitted their self assessment for their bid to host the world’s first Green Investment Bank.

The fund demonstrates the Council’s commitment to leveraging greater private investment in green businesses, and shows how then will meet key location criteria such as providing energy efficient accommodation. It also will draw upon established and emerging sustainable developments across the city including the Port and the Low Carbon Economic Area.

Following the submission, Council Leader, Cllr Paul Watson said: “I have not been surprised in the least that as we have examined each of the criteria for hosting the Green Investment Bank, we have been able to demonstrate how the city can go above and beyond what the government is looking for.

“Sunderland is ideally placed at the gateway to off-shore wind, with enviable city-wide super-fast broadband and with multinational businesses locating here year on year.”

The plans also demonstrate how the Bank would fit well with Sunderland’s plans to row its strong ICT and low carbon manufacturing base to benefit the local community.

He added: “Our vision for the city as a low carbon hub for the UK will see investment in sustainable industry grow, at the same time as our intellectual capital across low carbon technologies and all parts of the green supply chain.

“And with the Council now examining how we could bring forward a new Community Green Fund that can drive new local jobs and provide a benchmark for other cities to follow, we are confident that Sunderland is the right place to site the world’s first Green Investment Bank.”

The Council’s submission follows the launch of the Bank logo design competition and a wide range of endorsements from major businesses from across the region.

Leader of the Conservative Group, Cllr Robert Oliver, said: “Our submission demonstrates the strengths of the city in that we can make the most efficient use of the Bank’s initial investments by providing a low cost and low carbon location at the heart of an economy focussed on renewable technologies.”

The Department for Business Innovation and Skills is expected to make its decision on the host location next month.

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