7. Our transition to a low carbon economy
Scotland’s transition to a more prosperous, low carbon economy is already well underway. We have created jobs and backed innovative industries while winning international respect for our ambition and leadership on climate change. Analysis by the International Finance Corporation indicates that the Paris Agreement will help to open up $23 trillion worth of opportunities for climate-smart investments in emerging markets between 2016 and 2030. Scotland is well placed to take advantage of these opportunities.
We will continue the work that we have been doing with businesses and industry in Scotland to support the low carbon economy – helping businesses use their experience, adaptability and willingness to diversify and innovate in order to become more competitive. Our practical leadership includes: specific financial support, such as the Low Carbon Infrastructure Transition Programme; the work of our enterprise agencies, for example in opening up opportunities in the circular economy and in water treatment in overseas markets; and through the provision of advisory services such as Zero Waste Scotland and the Scottish Manufacturing Advisory Service.
Renewable energy deployment
Scotland’s natural resources create investment opportunities for deployment of renewable energy technologies
Opportunities for innovation and leadership for Scottish businesses in wave and tidal technologies
Opportunities for oil and gas infrastructure to be repurposed for carbon storage as CCS is demonstrated and deployed
By investing in low carbon products and services, business strengthen their competitive advantage by anticipating the increase in demand from environmentally conscious consumers
Development of new products
Climate action creates opportunities for businesses to develop new products that are geared towards sustainability
UK and Scottish energy market interventions create range of incentives for investment in energy efficiency measures
Opportunities for businesses that can reorganise production timings to make use of energy when least-cost
Potential to reduce energy costs
Move to domestic renewables reduces exposure of energy costs to volatile global commodity prices
Over the timescale covered by this Plan, Scotland will continue to be a vibrant, diverse country that is a confident, outward-looking and responsible global citizen. By adopting an outward-looking and participative approach to engaging with our global partners, we will expand our diplomatic reach and strengthen our global ties.
There is clear scope to use Scotland’s expertise and international reputation as a vehicle for furthering coordinated, global interaction on climate change. Consistent with our international agenda we will continue to implement progressive social policies and environmental measures, playing our part in making the world a safer, fairer and more sustainable place.