Offshore windfarm with sand dunes in the foreground

Scottish funding for renewables and green economy

The Scottish Government has announced that it will be using strategic investment to deliver the economic potential of renewables, and the creation of thousands of green jobs.

Over the course of the next five years, more than £500 million will be committed by the Scottish Government to support major supply chain opportunities, through the leveraging of private investment in ports, manufacturing, and assembly work.

ScotWind could help to deliver up to £25 billion worth of private investment across the supply chain, due to the expectation of a rapid acceleration over the course of the coming years in Scotland’s offshore wind capabilities. ScotWind is currently the world’s largest floating offshore leasing round.

Humza Yousaf, First Minister of Scotland, said:

“It is essential that we work together to deliver a net zero economy and do so in a fair and just way. No-one – not least our energy workforces and the communities they support – can be left behind.

“The acceleration of our offshore renewables capabilities over the coming decade presents enormous economic opportunities which must be seized in order to secure a just transition for our energy sector and a fairer, greener Scotland for everyone.

“Market certainty is crucial for the supply chain and this strategic investment underlines our focus on supporting a highly productive, competitive economy. This investment must now be met by addressing calls from industry for the next round of the Contract for Difference allocations to deliver Scottish projects at scale, and for grid infrastructure to meet the enormous potential Scotland’s energy transition holds.”

This £500 million of funding is anticipated to be delivered through the Scottish National Investment Bank, as well as enterprising agencies.


Image credit: iStock

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