Edinburgh is in the frame for future GB Energy HQ - Liz McAreavey

Liz McAreavey, CEO at Edinburgh Chamber of Commerce

There is tremendous expertise, knowledge and innovation in Scotland, much of that was around the table and it was abundantly clear that we have the capacity to be global leaders in this space.

It is also undeniable that the cost of the transition to net zero is well beyond the scope of traditional sources of funding and the public and private sectors need to work together to attract this global and mobile capital in an increasingly competitive landscape.

We need leadership and agility from government, a policy framework that allows project to proceed without delay and infrastructure investment that enables us to maximise the potential of the energy source.

Prime Minister Keir Starmer has launched his £8.3 billion plans for GB Energy (Picture: Paul Campbell/PA)

Thomas Edison, the creator of the world’s first commercially viable electric light bulb almost 150 years ago noted: “We will make electricity so cheap that only the rich will burn candles.”

It may not yet have come true, but if the new UK Government is true to its word, Scotland will be at the heart of providing cheaper, cleaner energy for everyone in the UK – lowering bills, providing far greater energy security for our nation, and creating jobs and opportunities.

The creation of a new publicly-owned company, GB Energy, to drive the transition to making Britain a clean energy superpower, is one of Sir Keir Starmer’s flagship policies, and the news that it was to be headquartered in Scotland was welcomed north of the Border.

An announcement is expected within weeks on the precise location for the company, and Edinburgh has apparently been shortlisted along with Aberdeen – who are being described as favourites – and Glasgow. Other areas have also chosen to throw their hats into the ring.

All can present arguments. Edinburgh Chamber has co-signed a letter with the City of Edinburgh Council which has been submitted to the government, through the offices of Scottish Secretary Ian Murray and Energy Secretary Ed Milliband, promoting what we believe is a strong case for GB Energy to be situated in the Scotland’s Capital.

First, it is important to understand the role of GB Energy, which is to invest in clean energy – £8.3 billion has been earmarked by the new UK Government for the first Parliament, with a view to leveraging up to £60bn more in private investment. Investment funding and management is one of Edinburgh’s core sectors. The city is one of the largest financial centres in Europe with a talent pool of expertise and experience that no other Scottish city can match.

We are most closely linked to the financial markets in London and there is a very strong renewables legal and advisory community based here, along with world-leading data skills.

In addition, while other cities may lay claim to stronger energy sector expertise, a majority of the offshore ScotWinds projects have operational headquarters in Edinburgh.

The University of Edinburgh and Heriot-Watt University are in the top four Scottish universities for renewable energy engineering and indeed Edinburgh Napier comes in sixth on the same list, one place behind Aberdeen University.

For GB Energy to work we also need the UK and Scottish Governments to work together and both are represented here in Edinburgh.

Added to the mix should be Edinburgh’s strong collaborative history – both within the city and externally. For example, we are working with the City of London Corporation on areas of shared interest in finance and culture, and we worked closely with the Scottish Government and Scottish Enterprise some time ago to create and host the Scottish Renewables Investment Conference. Our successes as a global city have been underscored by a Team Edinburgh approach.

This desire to collaborate is a powerful argument. After all, as Scottish Secretary Ian Murray himself said on being questioned about potential locations “the key issue here is it’s in Scotland, it’s publicly owned and it’s going to be driving us towards clean power by 2030, which should lower people’s bills, provide jobs and give us energy security.”

He is right, of course. While GB Energy needs a home, what is more vital is that it works. We believe Edinburgh provides the best opportunity – but we acknowledge that we are not the only opportunity.

At the end of the day, the transition will require all of us – business and government, those with energy skills and those with investment and financial expertise – to work together, all with a part to play, in Scotland and indeed in the rest of the UK.

And in that, Edinburgh can and will play a prominent role.​​​​