The energy transition across the North East will be further
boosted by £25 million from the Scottish Government’s Just
Transition Fund.
The £500 million, 10-year Just Transition Fund was established to
accelerate the energy transition in Aberdeen and the North East,
and establish the region as a world-leader in the transition to a
net zero economy.
Delivery is ongoing of projects from year one of the Just
Transition Fund, backed by £50 million of multi-year capital
grant funding, including a skills passport for offshore energy
workers, work to develop supply chain pathways, promotion of
emerging technologies, and investment in community projects like
ecovillages and local climate assemblies.
The Scottish National Investment Bank will use this latest
funding to leverage further private investment in the energy
transition across the North East.
First Minister visited Aberdeen South Harbour
to see how a £400 million expansion project will support the
North Sea Just Transition.
The First Minister said:
“Delivering on our climate obligations is an absolute priority
for this Government – but so too is our unwavering commitment to
ensuring the journey to net zero is fair and just for everyone.
“Scotland is an energy-rich nation and the oil and gas industry
has made a vast contribution to our economy, while its workers
are some of the most highly-skilled in the world.
“But Scotland’s oil and gas basin is now a mature resource and,
as a responsible government, we must take action to ensure the
sector, and the communities it supports, are supported in a
transition to cleaner, greener energy system.
“The North East has long been known as the oil and gas capital of
Europe. It can now become the net zero capital of the world.
“Our draft Energy Strategy and Just Transition Plan sets out a
very clear vision to capitalise on the enormous opportunities
that a net zero energy system offers the industry, our economy
and our climate.
“The Just Transition Fund for the North East and Moray is already
helping communities seize these opportunities. By using a portion
of the Fund to support the Scottish National Investment Bank, we
can leverage further investment in the region to ensure a fair
and just transition for the energy sector, and for the people of
Scotland.”
Bob Sanguinetti, Chief Executive of the Port of Aberdeen, said:
“Port of Aberdeen has been at the heart of the nation’s energy
industry for more than 50 years and our vision is to become
Scotland’s premier net zero port. Our transformational South
Harbour expansion will help make that a reality.
"The Scottish National Investment Bank has invested £35 million
in the project, which supports the Just Transition and will
unlock growth in offshore wind, hydrogen, and decommissioning.
The cash injection announced by the Scottish Government today
will provide vital support to others in advancing their energy
transition efforts.”
Willie Watt, Chair of the Scottish National Investment Bank,
said:
“Investing in the transition to Net Zero is a core mission for
the Bank. Since our launch in November 2020 we have invested over
£225 million in businesses and projects supporting the move to
Net Zero, and our capital has leveraged in more than £475 million
from other investors.
“We welcome this additional capital which, like the funds we have
invested so far, we will invest on commercial terms and look to
leverage additional private sector capital to support of the
North East economy.”
Background
A consultation on the draft Energy Strategy and
Just Transition Plan is open until 9 May 2023.
Energy System and Just
Transition - Independent Analysis is available on the
Scottish Government website.
Port of Aberdeen | Scottish
National Investment Bank (thebank.scot)
Just Transition Fund: year
one projects - gov.scot (www.gov.scot)
