Proposals to create a Scottish National Investment Bank have been praised
Two leading economists have said Scotland’s economy can be transformed for the better through large-scale investment in the transition to a low-carbon economy.
Proposals to create a Scottish National Investment Bank have been welcomed this morning (Monday 23 October) by Lord Adair Turner and Professor Mariana Mazzucato at an event in Edinburgh.
They are speaking at the Building the Future: Investment for the Just Transition to a Low-Carbon Economy which has been organised by Friends of the Earth Scotland and the Scottish Trade Union Congress (STUC).
Mazzucato, who is professor of the economics of innovation and public value at University College London and a member of Scotland’s Council of Economic Advisors, said: “I welcome strongly the decision to establish a Scottish National Investment Bank. It shows that the Scottish Government is looking seriously at ways to increase flows of investment and to direct them to support key public policies like reducing greenhouse gas emissions, increasing productivity and building an inclusive economy.
“There is a lot of experience from other countries of what works and what doesn’t and if we draw from that, the bank can make a real difference to Scotland’s economy."
Lord Turner, who is chair of the Energy Transitions Commission and the Institute for New Economic Thinking; added: “All economies need to make an energy transition, to accelerate change towards low-carbon systems, and our energy transition commission has looked at how to make that happen.
“It will need a joined-up public policy framework, and I am pleased to see that emerging in Scotland, and a big shift in patterns of investment. I hope I can contribute some understanding of how to do that.”
The 2017/18 programme for government included announcements on the creation of Scottish National Investment Bank and a Just Transition Commission.
Richard Dixon, director of Friends of the Earth Scotland, said: “The new Scottish National Investment Bank could work to help fund the investment that moves us to a low carbon economy.
“If the bank develops the right remit, it could create thousands of green jobs by transforming our transport, heating, housing and electricity.
“By working closely with the recently unveiled Just Transition Commission and government-owned energy company they can deliver a joined up economic strategy that puts tackling climate change at its heart.”
