The team behind Bristol’s bid for the Green Investment Bank (GIB) has pledged to build a strong relationship with the institution to ensure the region gains maximum benefit from its creation.
Bristol’s hopes of attracting the bank to the city were dashed today when Business Secretary announced it is to be based in Edinburgh with its main transaction team in London.
While disappointed not to have been selected, the team behind Bristol’s bid document said the bidding process had been was a "fantastic" reflection of what the area can offer.
Bristol was among the favourites of the 32 towns and cities hoping to land the bank.
Thanking the numerous organisations and businesses that contributed towards the bid, the team also stated this work will pay dividends for ongoing dealings with GIB and also for future collaborative projects.
The bank is being created by the Government with a £3bn opening balance to move the UK towards a low carbon economy through financing green infrastructure projects.
Bristol City Council leader Barbara Janke said: "It is deeply disappointing that this government has given yet more credit to capital cities.
"Bristol offers a unique combination of green entrepreneurship and investment together with financial and professional services that already have a strong record of delivering major projects.
"The opportunity has been missed to send out a message of confidence to investors from Britain and abroad that Bristol is somewhere to do business.
"Nevertheless, Bristol remains a showcase green eco-system which brings together creative and innovative projects with expert financial and legal know-how."
Colin Skellett, Chair of the West of England Local Enterprise Partnership (LEP), said that the region's business community was now in a great position to take up the opportunities the GIB would create.
"It is, of course, disappointing to hear the Bank has gone elsewhere, but we are proud of the bid, which was a fantastic reflection of what we have to offer,” he said.
"A considerable amount of good has been achieved through the collaboration across so many different organisations and I am confident this work will produce business results for the region.
"Not only did we demonstrate the major acumen in this area, we also built on our profile as Green Capital of the UK and look forward to working closely with the Bank both in Edinburgh and London to help bring its aims to life."
