THE Scottish National Investment Bank (Snib) doesn’t have enough funding, MSPs fear.
The state-owned institution is slated to open by the end of the year with £2 billion in public money.
It’s hoped the Edinburgh vehicle will help drive the country’s transition to a net zero carbon economy, amongst other priorities.
But in a report released today, the cross-party Environment, Climate Change and Land Reform Committee raises concern that it won’t have enough cash to fund a green recovery from Covid. The paper notes concerns that Snib’s “level of capitalisation will not be sufficient to deliver a truly green recovery”.
Calling for the setting-out of a green investment strategy and an increase in the level of assets available for lending “as as matter of priority”, it says of the eco-economic work: “The Committee considers that this could be made more challenging if related spending elsewhere in the Scottish budget is either not as well aligned to low carbon spend as it might be or is working against/potentially negating the mitigation of carbon emissions in some sectors.”
And it says new policies, proposals and public spend must meet certain tests to ensure they are aligned to the delivery of strategic goals – and a lack of policy coherence so far has undermined objectives and the delivery of outcomes.
Committee convener Gillian Martin MSP said: “The cross-cutting nature of the challenges presented by Covid-19 and the climate and ecological crisis represents a whole system challenge never witnessed before. Yet through Covid, Scotland has seen first-hand how a coherent route-map approach, combined with strong leadership, can affect the necessary change in our policies and behaviour and with the urgency needed.
“Scotland must use this impetus, and the opportunities presented in both the Budget 2021-22 and the Climate Change Plan update, to create a net-zero emissions economy.
“So much needs to be done and done now.”
She continued: “Financial support for a green recovery must also be significantly increased, front loaded and be conditional on delivering national outcomes around the climate and biodiversity emergencies.”
The Scottish Government was contacted for comment.
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