Scottish National Investment Bank to Support a Just Transition to Net-Zero Emissions

On August 28, 2020, the Scottish Government proposed the key missions for the new Scottish National Investment Bank. The Bank is supposed to support Scotland’s economic recovery by creating inclusive, long-term economic growth based on three missions:

  • Fostering a just transition to net-zero emissions by 2045 (primary mission).
  • Creation of opportunities and reduction of inequalities.
  • Usage of innovation in response to demographic challenges.

The consultation paper for the Scottish Parliament provides details about the bank’s missions and possible investment areas, such as to foster social and environmental well-being in the country. The new bank will be launched by the end of 2020, capitalized with GBP 2 billion over 10 years by the Scottish Government. Even though it will be owned by ministers on behalf of the Scottish people, it will operate independently from the government. Economy Secretary Fiona Hyslop said:

“By supporting innovation, driving green development and promoting inclusive economic growth, the Bank can help deliver our vision of a globally competitive, sustainable and fairer economy.”