Kate Forbes

Making the announcement as part of the Scottish Budget, newly-appointed cabinet secretary for finance, Kate Forbes,said the Bank will invest in businesses and communities across Scotland when it becomes operational by the end of the year.

Ms Forbes said: “Tackling the global climate emergency was at the heart of this year’s Budget and our further funding commitment of £220m for the Scottish National Investment Bank will be vital in helping support our ambitions towards achieving our climate change targets.

“Supporting Scotland’s transition to net-zero will be the Bank’s primary mission. This forms part of Scotland’s ‘Green New Deal’ in order to kick start investment, and build the momentum needed to make a significant impact on reducing emissions across different sectors and guaranteeing new, high quality jobs.

“In the same year that Glasgow is welcoming leaders from around the world to COP26, I’m proud that the Scottish National Investment Bank will be operational and able to support our ambition to achieve net zero emissions of all greenhouse gases by 2045.

“Supporting investment in the creation of high quality jobs will also help us tackle inequalities by driving inclusive growth across the country.

“I hope Parliament will work constructively with us to pass this Budget, enabling us to invest significantly in the Scottish National Investment Bank to help tackle the global climate emergency.”