First Minister Nicola Sturgeon today confirmed that a Scottish National Investment Bank will be set up.
Focusing on comments made in reaction to a question from Scottish Renewables at an event in Edinburgh: Claire Mack, Chief Executive of Scottish Renewables, said:"Scotland leads the world in the development of devices which can capture energy from waves and tides – but these are sectors which are at a difficult stage of their development. "We welcome comments made by today the First Minister that the new Scottish National Investment Bank will focus on delivering ‘patient long-term strategic investment’ to cater for ‘sectors that the market currently doesn’t’. "Wave and tidal technologies offer particular characteristics that are helpful in supporting our move towards a new, less centralised energy system and, as we’ve seen in the economic cases behind our island wind projects, can offer wider benefits to smaller, more fragile economies. "With the right investment, our wave and tidal energy sectors can continue on the path towards full commercialisation, giving Scotland a huge first-mover advantage in an energy sector with enormous global potential. "Also of note are the positive statements made by Benny Higgins, who led an advisory group investigating the concept of the bank. He described renewable energy as a sector ‘in the crosshairs of what is intended for the Scottish National Investment Bank’,