Landmark funding to unlock renewables investment.
Strategic investment to help create thousands of green jobs and deliver the full economic potential of offshore renewables projects is to be delivered over the next five years.
Up to £500 million will leverage private investment in ports, manufacturing and assembly work to support major supply chain opportunities to Scotland, the First Minister has announced.
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.
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.”
Decisions on spending for 2024-25 and future years are subject to the outcome of the Scottish Budget process and associated approval by the Scottish Parliament. The Scottish Government intends to present the Draft Budget 2024-25 to Parliament on Tuesday 19 December 2023.
Investment of up to £500 million is expected to be delivered through the Scottish National Investment Bank and enterprise agencies, and will be made over the next five years.
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