£3bn to boost green investments
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A new investment fund will help organisations working to reduce greenhouse gas emissions pitch for cash to bring large-scale projects to fruition.
The First Minister Nicola Sturgeon announced the £3 billion green investment programme to support local authorities, developers and third sector organisations in areas such as renewables, waste, transport and the circular economy.
Projects helping Scotland transition to a net-zero economy by 2045, as set out in the Climate Change Bill, will be eligible to access the fund.
Announcing the launch at the Ethical Finance 2019 conference in Edinburgh on Wednesday, the First Minister 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 per cent 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 Green Investment Portfolio will work with partners, including Scottish Enterprise, the Scottish National Investment Bank, Highlands and Islands Enterprise, Scottish Futures Trust, UK Department for International Trade, Scottish Renewables and the Scottish Property Federation to bring together the private and public sector-led projects.
Successful projects will receive marketing and development advice to help them raise their international profile and attract private sector investment at overseas events.
The Scottish Government says the scheme is worth around £3 billion over a three-year period, with the first tranche of projects expected to be launched in spring 2020.
Claire Mack, chief executive at Scottish Renewables, said: "While we have made great strides towards our world-leading renewable energy targets, access to finance is a major issue for Scotland’s renewable energy sector.
"The uneven playing field created by the UK government for onshore wind and solar PV, alongside the scale of offshore wind projects, means that significant sums are required to help us continue to support thousands of jobs and displace millions of tonnes of emissions each year.
"This announcement is another piece of evidence that Scotland’s renewable energy sector is open for business."
Eligible projects which are market-ready and seeking private sector capital are asked to contact investment@gov.scot
