Nathan Goode: Green bank bid shows investing in teamwork is the answer

With a decision expected by the end of the month on the bank’s final location, this will be the latest move to convince business secretary Vince Cable to bring the bank to Edinburgh.

Whatever the outcome, the Edinburgh Green Investment Bank group – whose members have been working together for more than a year – has the distinction of being an excellent example of public-private partnership.

From the outset, the Edinburgh bid has set the agenda for determining the right location for the GIB, by highlighting the issues and raising the level of debate. As the market and the bank’s remit have evolved, so has the Edinburgh case, expanding to embrace the need to generate finance for green infrastructure, from offshore wind through to waste projects, non-domestic energy efficiency and the Green Deal.

The final report, delivered on 30 January, presents in-depth analysis of all the influencing factors and a detailed practical proposal for the bank’s establishment in the capital.

To reach this position, the collaboration of more than 25 partners has been pivotal. Public sector organisations and academics have joined forces with privately-run recruitment businesses, energy companies, asset managers, investment houses and advisers, putting aside commercial rivalry to pool resources.

Other Scottish cities also backed the bid. Very much in line with the underlying philosophy of the Scottish Government’s emerging cities strategy, they have recognised that by supporting Edinburgh as the home for the GIB, this could create the epicentre for something much bigger.

If Scotland is to respond effectively to global challenges, there needs to be a shift in mindset from reactive rivalry to a more nuanced approach; both competitive and collaborative. The bid for the GIB demonstrates that this can be done.

The ecosystem to support the bank in Edinburgh is comprehensive, deep and real, not aspirational. If location is a factor in its long-term success, it is hard to see why the GIB should go anywhere else.

• Nathan Goode heads up Grant Thornton’s environment, energy and sustainability practice