13.06.20
Scottish Government to invest £62m into energy sector
The Scottish Government announced a £62m fund for the energy sector yesterday (June 12) to help reach net zero goals and recover from the economic impacts of Covid-19 and the oil and gas price crash.
The Energy Transition Fund will prop up businesses in the oil, gas and energy sectors through the next five years to enable growth and innovation as well as attract private sector investment in the region.
Scotland aims to lead the transition to net zero, with ambitious climate change targets, supported by this new funding package.
The energy sector and supply chain will also feel the benefits of the investment, as local businesses are contracted onto more sustainable jobs with inclusive economic growth at their core.
A Global Underwater Hub, Net Zero Solution Centre projects, a Hydrogen Hub, the Acorn project and an Energy Transition Zone are among the major projects that will be considered for a share of the funding.
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Economy Secretary Fiona Hyslop said:
“This is an extremely difficult time for our business community and we recognise the need to do all we can to help the recovery of key sectors of the economy and Scotland’s regions.
“This package of investment for the North East will support our energy sector as it recovers from the impact of COVID-19 and will help us make significant progress as we move towards net zero by 2045.
“Aberdeen is recognised globally as a centre of excellence in oil and gas and this funding will help ensure that the knowledge, skills and expertise it has to offer will play a vital role in the energy transition.
“It is vital we move quickly to seize the opportunity to take forward a green, low-carbon recovery and support the workforce as the energy sector diversifies. Now is an opportune time to re-imagine the Scotland around us and to begin building a greener, fairer and more equal society and economy focused on wellbeing.”
Collaboration between the Scottish Government and the UK Government will also take place, ensuring funding supports an Oil and Gas Section Deal going forward.
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