Scottish National Investment Bank legislation passes first parliamentary hurdle

The Scottish Government said the bank’s primary mission will be to secure the transition to a net-zero economy as it works with businesses to identify opportunities and break down barriers to green investment.

The government has committed to investing £2 billion over 10 years to capitalise the bank, with £130 million committed in the coming year to support its establishment and early activities.

The bank will be a public limited company and ministers will be given the power to guide its strategic direction by setting missions that will address socio-economic challenges.

It is set to be operational in 2020.

Economy secretary Derek Mackay said: “Helping towards our transition to a net-zero economy will be the primary mission of the Scottish National Investment Bank. It will play a part in the work we are doing to tackle the climate emergency, secure a just transition and create new jobs in low carbon industries.

“We also know the green finance market is growing and we want to be ready to attract those investors, and the bank will help establish Scotland as a key location for low carbon investment.

“The bank will become a cornerstone in Scotland’s economic architecture, providing patient and growth capital to support businesses, in addition to financing infrastructure to secure private sector investment. These steps will ensure we are delivering for the economy of today and ready to seize the opportunities of the future.”