Green bank could create 70 new jobs (From Hampshire Chronicle)

Green bank could create 70 new jobs

8:19am Wednesday 1st February 2012 in Hampshire Business By Matt Smith, Politics and business reporter

A PUBLIC bank pumping billions into green businesses could be based in Southampton creating 70 new jobs.

Up to £3 billion of Government funding will be put into the Green Investment Bank (GIB) by 2015 in a bid to transform the UK to a low-carbon economy.

Early investments are likely to be offshore wind, waste and industrial energy efficiency, subject to approval from the European Commission over state aid rules.

Southampton has been named by the Department for business as one of the shortlisted 32 bidders to host the bank headquarters.

Others in the running include south coast rival Brighton and financial and industrial powerhouses such as Edinburgh, Manchester, London and Liverpool.

Southampton already has strong green credentials including a pioneering district heating network that uses geothermal energy.

Business Secretary Vince Cable said: “I am delighted that the Green Investment Bank has fired the imagination of so many public and private sector groups keen to host this world-first institution.

"They all have a role to play in helping the UK seize the benefits of a transition to a low carbon economy.”

Mr Cable will announce his final decision next month.