Blog: Scottish National Investment Bank progress
Ahead of the stage one debate on the establishment of the Scottish National Investment Bank (SNIB) in the Scottish Parliament this afternoon, economy secretary Derek Mackay has written about what the bank will mean for the future of the Scottish economy.
Today marks another important step forward for the Scottish National Investment Bank as the legislation to support its establishment and capitalisation reaches its first stage in Parliament.
The Bill being considered today lays the foundation for an institution that will be a cornerstone in Scotland’s economic architecture. One with the capability and commitment to reshape our economy making it more inclusive, more innovative and more internationally competitive.
In particular, as a mission-oriented lender the Bank will contribute to the major societal challenges facing us all today. Importantly, this includes making a significant contribution to our work to tackle the climate emergency with the Bank’s primary mission being to secure the transition to a net-zero economy.
In fact, across all of the strategic missions set by Scottish Ministers the Bank will deliver sustainable and inclusive growth. The Bank will be responsible for its performance against those missions. This will influence where the Bank directs its investments and ensure that it serves businesses and communities across Scotland.
We know that finance is needed to support green initiatives that is why the Bank will help attract investment into Scotland and into those projects that will support the transition to net-zero. With that in mind, the Bank will work with businesses to identify opportunities and break down barriers to green investment and also help to identify commercially‑investable low carbon markets. We want the Bank to be a valuable asset in the Scottish economy both now and for generations to come.
The case for establishing the Bank is growing stronger. Patient and strategic investment is vital to encourage sustainable and inclusive growth and help mitigate some of the damaging impacts facing our economy as a result of the UK exiting the EU.
There is also a need for a new investor in the Scottish economy more generally, one with the strategic vision to reinforce and enhance Scotland’s position as a dynamic and innovative economy. The establishment of the Scottish National Investment Bank will provide that institution and I look forward to reinforcing the case for it to the Scottish Parliament today.
Written by Derek Mackay MSP for the Scottish Government website on September 26th.