LANDMARK funding of £500 million has been earmarked to unlock the creation of thousands of green jobs and deliver the full economic potential of offshore renewables projects, the first minister has announced.
To be delivered across the next five years, up to £500 million will leverage private investment in ports, manufacturing, and assembly work to support major supply chain opportunities in Scotland.
The Scottish Government said that the country’s offshore wind capabilities are anticipated to ‘rapidly’ accelerate over the coming years, with ScotWind expected to deliver up to £25 billion of investment across Scotland’s supply chain.
Scotland’s offshore wind capabilities are anticipated to rapidly accelerate over the coming years, with ScotWind – the world’s largest floating offshore leasing round – expected to deliver up to £25 billion of investment across Scotland’s supply chain.Investment of up to
The investment of £500 million is expected to be delivered through the Scottish National Investment Bank and enterprise agencies, the Scottish Government said.
First minister Humza Yousaf 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.”
