Green bank could stimulate new growth

I fully agree with George Kerevan's article regarding the opportunities offered by the creation of a Green Investment Bank (your report, June.)

Among the business and political community, there is widespread agreement that a state-owned Green Investment Bank, which could fund low carbon industries, could leverage private sector investment and give green investment projects a much needed kick start.

However, political will is not enough.

For green projects to succeed, developers require access to additional significant capital, which, at present, traditional investors are cautious to provide.

The Green Investment Bank could be the catalyst required to get green start ups off the ground and make a real difference to green energy projects.

Private markets must now look to the long term benefits of green investment so we can realise the significant rewards to be repaed from a Green Investment Bank.

TOM SPEIRS

HBJ Gateley Wareing

Canning Street

Edinburgh

George Keveran's article about the idea of a Green Investment Bank makes some very valid points.

It is imperative that the country finds a way to fund the new "green" industries.

Offshore windpower alone is expected to create 20,000 Scottish jobs and deliver 30 billion of investment according to Scottish Renewables; it is an economic boost we cannot afford to pass by.

Proposals for the Green Investment Bank already have some traction as there are existing commercial banks, such as the Co-op and Triodos, currently making headway in this area. However, much more is needed if we are to provide funding in the required cohesive, focused and timely way. Opportunities are already available for private funders, but a Green Investment Bank would open the door for greater involvement by the private sector.

As Scotland has wholeheartedly shown its commitment to green energy and has a history of innovation in the world of finance, I would also support Mr Kevevan's view that the GIB is established in Edinburgh.

What can we do to make this happen?

RICHARD LESLIE

Tods Murray LLP

Fountainbridge

Edinburgh