THE Scottish Government could use the creation of a National Investment Bank to transform Scotland’s economy and create thousands of green jobs, campaigners have said.

Economists have joined forces with the Scottish Trade Union Congress (STUC) and Friends of the Earth and will tonight use an event in Edinburgh to urge the First Minister to seize the opportunity to provide large-scale investment in a low-carbon economy.

Nicola Sturgeon unveiled plans to set up a National Investment Bank in her programme for government last month and a public consultation was announced on Friday.

During her conference speech earlier this month Sturgeon also pledged to set up a state-owned energy company in Scotland in order to offer cheaper energy prices to homeowners. Friends of the Earth (FoE) is calling on the Scottish Government to make sure these plans are closely aligned with the national investment bank.

“The new Scottish National Investment Bank could work to help fund the investment that moves us to a low-carbon economy,” said Richard Dixon, director of FoE Scotland. If the bank develops the right remit, it could create thousands of green jobs by transforming our transport, heating, housing and electricity. By working closely with the recently unveiled Just Transition Commission and the government-owned energy company it could deliver a joined-up economic strategy that puts tackling climate change at its heart.

“We look forward to opportunities to talk with the Scottish Government about how we make this bank fit for the future. It should be tied into plans for a just transition, and its governance needs to draw in voices from the workforce and the environmental sector.”

FoE Scotland has collaborated with the STUC to stage tonight’s event, Building the Future: Investment for the Just Transition to a Low-Carbon Economy.

Leading economist Professor Mariana Mazzucato, a member of Scotland’s Council of Economic Advisers, will use it to say the decision to set up an investment bank shows that the Scottish Government is looking seriously at ways to increase flows of investment and to direct them to support key public policies such as reducing greenhouse gas emissions, increasing productivity and building an inclusive economy. Lord Adair Turner, chairman of the Energy Transitions Commission and the Institute for New Economic Thinking, will also speak. He is expected to say: “All economies need to make an energy transition, to accelerate change towards low-carbon systems, and our Energy Transition Commission has looked at how to make that happen. It will need a joined-up public policy framework, and I am pleased to see that emerging in Scotland, and a big shift in patterns of investment.”

The Scottish Government welcomed the input and support of the campaigners and acknowledged the economic opportunities presented. A spokeswoman said: “The First Minister has made clear that the transition to a low-carbon economy presents important opportunities for our country, which has a strong track record on research and innovation, as well as outstanding sources of renewable energy.”

“The consultation is seeking views on how the bank can best support Scotland’s economy and work for the benefit of the people of Scotland. We welcome the support and look forward to working with a variety of stake- holders as proposals are developed.”