Scottish Government eyes unlocking £200m low carbon investment

(Image: Lennystan, Shutterstock)

A new investment programme to help deliver Scotland’s transition to a net zero emissions economy has been launched.

The Scottish Government said that the green growth accelerator will speed up delivery of low carbon infrastructure projects across the country, while also providing extra resources and technical support to local authorities to get projects off the ground more quickly.

Once fully opened, the government said that the programme will unlock £200 million of public sector investment to drive the country’s transition to net zero – with further investment from the private sector also anticipated.

Developed in collaboration with COSLA, it builds on the principles of the growth accelerator model which has already supported major economic investment opportunities including the St James Quarter in Edinburgh and the Waterfront in Dundee.

Applications are now open for six projects to help test the green growth accelerator model. They will be developed with funding of £1m from the Scottish Government, which will work with COSLA and local authorities to learn from the first six projects ahead of a further roll out of the programme in 2022/23.

The Scottish Government’s net zero secretary, Michael Matheson, said, “Scotland was one of the first countries in the world to acknowledge and respond to the global climate emergency and our dedication to ending our contribution to climate change by 2045 is absolute. Urgent, collective and collaborative action is required in order to ensure a just transition to net zero. If we all play our part, Scotland can show the rest of the world how it’s done – and ensure our people, businesses and communities can benefit from a greener, more sustainable economy.

“By capitalising on our strengths in energy, natural capital, innovation, and our skilled workforce, we can be at the forefront of growing global low carbon markets in the future. The green growth accelerator illustrates how, working together across government, business and communities, we can capitalise on the economic, environmental and social benefits that our journey to net zero present.”