THE Scottish Government has announced that local authorities, developers and third sector organisations can pitch for large scale government investment to support their projects that aim to reduce Scotland’s emissions.
The green investment portfolio will look to fund projects that can help Scotland transition to a net-zero economy by 2045. First minister Nicola Sturgeon announced the funding plans at the ethical finance 2019 conference in Edinburgh.
She said, “Scotland is determined to lead the transition to a net-zero carbon economy, and we have been clear that we must leave no-one behind. With 85% of the finance for this transition coming from the private sector, we must do everything we can to help all parts of the economy contribute to net-zero emissions by 2045.
“The Green Investment Portfolio supports our ethical finance ambitions by matching projects which are reducing emissions with investors so we can fully maximise their potential and promote them globally. This could include projects that are making buildings more energy efficient, reducing industrial emissions or even restoring peatlands. Our aim is to take to market a £3 billion portfolio of investable projects over the next three years.”
The Scottish Government has said that the green investment portfolio is estimated to be worth £3 billion over a three year period, with the first tranche of projects expected to be launched in Spring 2020. Successful projects will also receive marketing and development advice to help them raise their international profile and attract private sector investment at overseas events.