It’s business as usual for the Leeds City Region green economy: that was the message from Local Enterprise Partnership (LEP) Chair, Neil McLean, following the government’s decision to locate its Green Investment Bank in Edinburgh and London.

Mr McLean said: “We are naturally disappointed that the Green Investment Bank will not be coming to the Leeds City Region. However, we can be proud of the strong bid that we submitted, which was the result of significant hard work and collaboration by the public, private and third sectors. I would like to thank everyone who has been involved in developing and supporting the bid.

 “The Leeds City Region remains a strong and powerful engine of the UK’s green economy, and will continue to work with businesses and partners to support its development for the benefit of the region and the national economy. We still very much welcome the Green Investment Bank and look forward to working with it once it’s up and running to secure the best financial support for projects in the Leeds City Region.”

 The Green Investment Bank will invest £3bn in the period to 2015 to unlock the potential of the UK’s low carbon sector and enable UK businesses to capture a greater share of this growing global market.

The Leeds City Region bid had the support of around 1,000 businesses and individuals, including cross-party support from local MPs.

 Greg Mulholland, MP for Leeds North West and Energy & Climate Change Portfolio Lead for Team Leeds added: “It is disappointing that the Government have decided not to host the Green Investment Bank in the Leeds City Region. The Region submitted a compelling case to host the Green Investment Bank, based on its commercial value and significant strengths in the low carbon and financial sectors. Although we were pipped to the post by Edinburgh, the Leeds City Region will continue to be at the forefront of low carbon infrastructure and technologies, and will surely benefit from the financing the Green Investment Bank will provide.”

The Leeds City Region submitted its Green Investment Bank self-assessment to the government on 30 January. The City Region is one of 32 areas bidding to host the Bank, including Bicester; Birmingham, Brighton, Bristol, Cardiff, Chester, Cornwall, Coventry and Warwickshire, Derby, Durham, Edinburgh, Gloucester, Hull, Ipswich, Leicester, Liverpool, London, Manchester, Milton Keynes, Newcastle, Norwich, Nottingham, Peterborough, Renfrewshire, Sheffield, Southampton, Stoke on Trent, Sunderland, Tees Valley, Torbay, and Warrington.

The government has confirmed that it will make a decision on the Bank’s location by the end of February. A review panel has been established, comprising officials from the Green Investment Bank policy team at the Department of Business, Innovation and Skills, Odgers Berndtson, the banking team at Infrastructure UK (part of HM Treasury) and the Government Property Unit.

The government will publish all bids received – including the Leeds City Region’s – once a decision has been reached.

The Leeds City Region has submitted its formal bid to host the world’s first green investment bank.

The city region is one of around 20 areas bidding to host the bank, which will employ 50-75 people and invest £3bn in the renewable and low carbon sectors over the period to 2015.

If the Leeds City Region bid is successful, it will significantly endorse the region’s credentials as a leader in the green economy. The Leeds City Region is already the UK’s largest financial and business services sector outside London, and local firms have considerable expertise in advising and structuring green projects around the world.

Chair of the Leeds City Region local enterprise partnership (LEP), Neil McLean, said: “We firmly believe that there is no better location for the green investment bank than Leeds City Region. Ministers have already commended the strong business case we presented to them last year, so we look forward to them considering our self-assessment. The bank will be the first of its kind in the world, and its location will become a focus for investment, leadership and expertise in the green economy. This will clearly bring significant opportunities for low carbon businesses located in the city region and across Yorkshire.”

The Leeds City Region bid has strong cross-party support from Yorkshire MPs, and from the region’s business community. Around 1,000 businesses and individuals have publicly backed the bid through an online supporter’s list.

Julian Smith, MP for Skipton and Ripon said: “From the outset, the Leeds City Region has demonstrated energetic leadership from local politicians, businesses and green activists alike in its bid to win the green investment bank. The strength of our bid is testament to this collective hard work. The government is committed to getting the Green Investment Bank launched as soon as possible – this document shows how ready Yorkshire is to make it a success.”

Greg Mulholland, MP for Leeds North West said: “The Leeds City Region has today presented the government with a very strong bid to host the green investment bank. Locating the bank here would be good news for the city region and good news for the UK – with our compelling mix of expertise in the financial and low carbon sector, commercial value and access to global markets, we’re in a strong position to give the bank the very best chance of success.”

The government announced the process for interested locations to submit a bid in December, with a closing date for submissions of 30 January 2012. A decision on the bank’s location is expected in February 2012.

The Leeds City Region Local Enterprise Partnership welcomed the government’s announcement of its competition to host the new £3bn Green Investment Bank.

Commenting earlier today, Paul Hamer of the LEP said: “Leeds City Region is the natural location for the Green Investment Bank, with a compelling business case that fits exactly with the criteria announced by the government today. With the UK’s largest financial sector outside  London – bigger than any of the other areas bidding to host the Bank – and significant technical expertise from organisations like low carbon experts CO2Sense, we’ve already got the perfect cluster of skills and markets that the GIB needs in order to succeed. Add to that the top quality, low cost office space that’s available in the city region, and we are confident in the strength of our bid, although we recognise the competition will be tough .”

The Leeds City Region bid already enjoys cross-party support from the region’s MPs. Greg Mulholland MP recently led a debate in Parliament, during which Yorkshire MPs from all three main parties spoke out in support of the bid. Mr Mulholland said “The selection process outlined for the Green Investment Bank today shows that the Leeds City Region has exactly the right ingredients to deliver on the government’s aspiration’s for the Bank. As a global leader in the financial services and low carbon sectors, our bid  will demonstrate why the Leeds City Region offers a unique base for this important new initiative.”

Julian Smith, MP for Skipton and Ripon added: ‘I am delighted that the whistle has now gone off in the race to win the Green Investment Bank. Leeds and the Yorkshire region has an excellent chance to win this contest but it will require focused and energetic approach from political leaders, the financial sector, business leaders and green activists alike. The competition is stiff but with an innovative bid we have a good chance’

In an article for the Yorkshire Post, Julian Smith MP argued that Yorkshire should be top of the list when it comes to deciding where the Green Investment Bank should be based: “Yorkshire has the green credentials. It also has the financial acumen. It is a key financial centre, second only to London in terms of importance. The county also has a diversity of expertise from pioneering regional organisations like the Skipton Building Society to bases of some of the most well-known names on the international financial stage.

You can read the full article here

In a commentary piece for Business Quarterly, LEP Board Chair Neil McLean explained the strong regional support for the bid. Neil said: “There is also a real understanding that we can develop our existing economy and grow the jobs market by being at the centre of developing, manufacturing and resourcing green industries and supply chains themselves, all of which would be supported by the local location of the bank.”

You can read the full article here

The Leeds City Region is the natural location for the Green Investment Bank – that was a theme of a debate in the House of Commons on 14 November, led by Greg Mulholland, MP for Leeds North West. Yorkshire MPs of all political stripes spoke out in support of the bid, emphasising the city region’s considerable expertise as a global leader in the financial and environmental fields.

The Hon Mark Prisk MP – a key decision-maker on the Bank’s location – conceded that Yorkshire MPs had presented a strong case, adding: “As someone who regularly goes to Leeds, I totally share the view that it is a first-class city with many advantages and a strong commitment to going green in our economy”

Read our press release on the Commons debate here

Each month, we will illustrate just why Leeds City Region is the natural location for the Green Investment Bank by profiling a local firm with expertise in the green or financial fields. This month, we look at innovative green lender, the Ecology Building Society:

“In the world of green finance, there can be few organisations with a stronger pedigree than Ecology Building Society. Founded 30 years ago and now representing over 10,000 members, Ecology has always been based in the Leeds City Region and currently operates from its Eco-HQ in Silsden.

Ecology is dedicated to building a greener society through sustainable mortgages and ethical savings – supporting the transition to a green economy while working in the best interests of its members. It lends on properties and projects that respect the environment, including green new builds, renovations and energy saving improvements. The Society also supports community and ecological businesses, and is increasingly the go-to lender for housing co-operatives.

Ecology was the first lender to offer green mortgages and continues to lead the way in supporting sustainable projects. Its C-Change Retrofit discount scheme, launched this year, rewards homeowners for improving the energy efficiency of their current property – a vital step towards reducing the carbon footprint of our housing stock. Its pioneering approach has won many awards, most recently Best Environmental Lender in the What Mortgage Awards 2011.

Ecology also practises what it preaches: its head office has high levels of insulation and low energy requirements, with photovoltaic panels, a sedum nature roof and a rain water harvesting system. It uses exclusively green electricity and has offset its carbon emissions since it began in 1981.

As a leading green financial institution, Ecology is proud to support the Leeds City Region bid. Malcolm Lynch, Chair of Ecology, explains:

“The depth of the financial sector in the Leeds City Region – including GE Capital, Yorkshire, Leeds and Skipton Building Societies, and regional offices for other major banking groups – provides an experienced team of personnel, with national and international financial perspectives.

“Add to this the location of the Bank of England’s Agent in Leeds, and we offer a joined-up financial services community, supported by the second legal centre outside of London.

“The six universities in the region provide a steady steam of undergraduates with financial, management and environmental skills for financial service employers. Our universities also make Leeds City Region a centre for excellence in green technology, and organisations such as CO2Sense, Straight Plc and Ecology demonstrate that our businesses lead the way from an sustainability perspective.”

For more information about Ecology, visit http://www.ecology.co.uk/. You can follow Ecology on Twitter at @ecologybs.

Interested in providing a case study? Please contact racheal.johnson@leeds.gov.uk

Minister for Business and Enterprise, the Hon Mark Prisk MP has confirmed that the formal process for deciding the location of the Green Investment Bank will be announced next month.

Speaking at a debate in the House of Commons, he said that the government would launch: “the process for determining the location of the green investment bank before Christmas, in just a few weeks, with a view to making the final decision in 2012. Our proposals for the green investment bank will need to be approved by the European Commission before we can establish it as a fully independent financial institution. We expect approval by mid-2013. In the interim, to accelerate our transition to a green economy, the Government will begin making early investments in green infrastructure from April 2012.”