Green investment bank sale to fracking funder criticised by Green MSP

The decision to sell the Green Investment Bank to a company that has invested billions of pounds in fossil fuel projects has been criticised by a Green MSP.

Australian bank Macquarie has a history of investing in fracking and opencast coal mining projects and Green MSP Andy Wightman says that GIB’s environmental credentials are “now in tatters”.

Wightman, who has been campaigning to keep the bank open in Edinburgh, is requesting a meeting with GIB’s chairman to seek guarantees that the bank will remain true to its Green credentials.

Lothian MSP, Andy Wightman said:

“The green credentials of the supposed Green Investment Bank are now in tatters. Why would the new owners allow for genuine green investments to be made if they are going to impact on the profitability of the company’s previous investments? I don’t expect the public to fully trust that GIB will make the right investments in renewables project that could eventually make fossil fuel methods redundant.

“As an MSP for the capital, I’m pleased that jobs will remain in the city. Edinburgh has a proud history of financial prudence, which has been inappropriately rocked in recent times by unscrupulous banking practices. With this sale I hope to see it return to responsible lending and investing that will be carried out with the due diligence that consumers expect.”