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Campaigners Welcome New Public Bank to Finance Action on Climate Crisis

WASHINGTON - The Scottish National Investment Bank Bill passed today (21/01/20) formally establishing in law a new public bank for Scotland. 

MSPs voted for a Government amendment which puts a legal obligation on the Bank to hold a list of minimum ethical standards for its investments, a key demand of environmental campaigners. 

MSPs also rubber stamped existing changes that ensured the Bank must finance a Just Transition away from fossil fuels to help create a zero-carbon economy.

Following today’s vote Friends of the Earth Scotland is urging the Government to rule out any investment in fossil fuels and to publish in full the Bank’s ethical policy and list of investments.

Friends of the Earth Scotland’s Divestment Campaigner, Ric Lander, said:

“Because of the hard work by climate activists the Scottish National Investment Bank must now invest in climate solutions and maintain ethical standards across its activities. This is a huge achievement. We can now say that the creation of this Bank is good news in the fight against the climate crisis. ”

“With its legal obligations to tackle the climate crisis, the Scottish Government should now clarify that this new public bank will not invest in any fossil fuels, plastic production, deforestation or other projects that will push up our climate emissions.”

“Our new public bank should be shaping our economy for the future, turning away from a business-as-usual approach prioritising people and planet in the shift to a zero-carbon economy.”

“With its objective to target finance towards a Just Transition this Bank should be tackling fuel poverty, creating new renewables supply chain jobs, decarbonising our heating and financing zero carbon transport.”

“Now that the Bill to create the Scottish National Investment Bank has passed Parliament, it urgently needs to get going in providing finance that can help us realise a Just Transition to a fossil free economy.”

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Friends of the Earth Scotland is campaigning for a world where everyone can enjoy a healthy environment and a fair share of the earth's resources. Climate change is the greatest threat to this aim, that’s why we’re calling for a just transition to a 100% renewable, nuclear-free, zero-fossil-fuel Scotland.

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