New national investment bank will support sustainable technology to support drive for net zero emissions target
The newly launched Scottish National Investment Bank will put hundreds of millions of pounds into creating a “globally-competitive” high-tech sector across the country.
The bank, launched last month by first minister Nicola Sturgeon, has been instructed to address the “grand challenges facing Scotland”. The Scottish Government has committed £2bn to the bank over ten years, with Glasgow-based tech start-up M Squared Lasers named as the first business to receive support.
Members of the Scottish Parliament have agreed three core aims for the Scottish National Investment Bank (SNIB), with the institution tasked with driving the move towards net zero emissions, promoting inclusive growth and addressing demographic change.
It will aim to help Scotland develop sustainable technology, services and industries, while investing in employment, housing, education and local regeneration.
Following a debate in the Scottish Parliament today, the SNIB will also attempt to stimulate innovation aimed at increasing productivity, raise skill levels and develop a healthier population.
Economy secretary Fiona Hyslop said: “The launch of the Scottish National Investment Bank is the single biggest economic development in the lifetime of this parliament. These missions address the grand challenges facing Scotland – the issues we know we must face to build a sustainable future. They will provide finance and catalyse private investment to achieve a step change in economic growth by powering innovation and accelerating the move to a net zero emissions, high-tech, connected, globally competitive and inclusive economy. The bank is uniquely placed to address the challenges facing us by providing patient capital to support long term economic growth. Its mission-orientated approach provides an opportunity to influence the direction of economic recovery in the interests of the people of Scotland.”