Scotland launches £62m energy sector recovery fund

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LAST week, a multi-million pound fund was announced by the Scottish Government to help the energy sector recover from the dual economic impacts of coronavirus and the oil and gas price crash.

The £62 million Energy Transition Fund will ‘support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and will help attract private sector investment in the region.’

The investment, with a focus on the North East, underpins the region’s ambitions to become ‘a world leader in the transition to net zero.’

Major projects to be considered for funding include a Global Underwater Hub, Net Zero Solution Centre projects, a Hydrogen Hub, the Acorn project and an Energy Transition Zone.

The investment will also benefit the wider Scottish energy sector and supply chain, working with local businesses to support sustainable jobs and maximise inclusive economic growth across the country.

Economy Secretary Fiona Hyslop commented on the funding: “This is an extremely difficult time for our business community and we recognise the need to do all we can to help the recovery of key sectors of the economy and Scotland’s regions.

“This package of investment for the North East will support our energy sector as it recovers from the impact of COVID-19 and will help us make significant progress as we move towards net zero by 2045.

“It is vital we move quickly to seize the opportunity to take forward a green, low-carbon recovery and support the workforce as the energy sector diversifies.

“Now is an opportune time to re-imagine the Scotland around us and to begin building a greener, fairer and more equal society and economy focused on well-being.”