Scotland to Invest £500m in Offshore Wind Supply Chain

Published on:
by KnowESG
KnowESG_Scotland to Invest £500m in Offshore Wind Supply Chain
Image courtesy of Scottish Government/Flickr

First Minister Humza Yousaf has announced that the Scottish Government will invest up to £500m in the next five years in the country's offshore wind supply chain.

Yousaf said that successful bidders for the ScotWind offshore licensing round have indicated that there is the potential for £25bn to be invested in the Scottish supply chain over the lifetime of ScotWind.

"But we cannot just sit back and expect it to fall into our laps", he said."Working with industry, we are determined to create it.

"I can therefore announce today that over the next five years, the Scottish Government will invest up to £500m to anchor a new offshore wind supply chain right here in Scotland."

The First Minister added that the funding would act as a catalyst for additional private investment in Scottish ports and harbours, supporting inward investment and encouraging domestic companies to seek new opportunities.

As well as cutting emissions and creating sustainable jobs, the move would send a clear message to global investors that Scotland means business, he said.

Emma Harrick, head of energy transition and supply chain at Scottish Renewables, said:

"Today's announcement from the Scottish Government is welcome news for industry and is something Scottish Renewables has continuously campaigned for.

"The £500m commitment will stimulate growth for supply chain organisations, foster export opportunities and promote the development of green skills in communities.

"Scottish ports are the lynchpin for our offshore renewable ambitions and investing in this critical infrastructure will ensure the nation benefits from the fresh economic investment and regeneration opportunities a home-grown clean energy supply chain brings.

"A recent report from the Offshore Wind Industry Council highlighted that the UK offshore wind supply chain has the potential to deliver more than £90bn of value to the UK economy by 2040.

"Targeted interventions, like today's announcement, will ensure Scotland maximises the economic benefits of our renewable energy projects, grow the renewable energy supply chain and ensure a just transition for suppliers across all green energy technologies."

For more sustainable finance news



Sustainable Finance Headlines

SMEs Go Green with North Lanarkshire Grants

SMEs Go Green with North Lanarkshire Grants

Sustainable Finance in ASEAN Expands

Sustainable Finance in ASEAN Expands

Saudi Arabia Unveils Green Finance Framework

Colombia Gets $750M for Climate Shift

Circular Secures $10.5M for Recycled Materials Platform

SocGen Wins Top Sustainability Bank

BEA Grants Wilmar $100M Sustainability Loan

RBC's Push for Client Decarbonisation

MFSA Campaign Exposes Greenwashing Risks

CBA Backs Green Businesses with New Loan