Deputy First Minister outlines steps towards financing a green future.
A range of measures to transform how Scotland attracts and supports capital investment into the country have been unveiled.
Deputy First Minister Kate Forbes will take on a cross-government leadership role as the Scottish Government’s ‘Investment Champion’ to deliver a national pipeline of strategic investment opportunities and a seamless, co-ordinated approach to building relationships with investors and developers.
New research has indicated Scotland is poised to reap the rewards by leading the just transition to net-zero.
— Scottish Government Finance and Economy (@scotgoveconomy) November 25, 2024
The green jobs market in Scotland has tripled in size since 2021, outpacing the rest of the UK, and grew 8.3% since 2023
⤵️ DFM @_KateForbes' reaction. pic.twitter.com/f5XwR3vsPy
Practical steps being delivered include an Investment Unit to identify and tackle barriers to investment; the creation of a single portal for investment inquiries and another detailing investment opportunities; and a new Cabinet sub-committee to co-ordinate activity.
The Scottish Government will also explore new financing models including how public sector guarantees could be used, a potential Scottish Bond, and public-private partnerships.
Increasing the level of private investment into Scotland’s economy is essential to our ambitions – for growth, for jobs, for reaching net-zero, and for improving our public services. Without investment and the growth it can catalyse, we can achieve none of those goals.
MS FORBES, DURING THE INVESTMENT ASSOCIATION CONFERENCE
I will be working to tackle barriers and blockers; and to ensure that the system as a whole works cohesively, effectively, and quickly, to support investors and to deal with issues as and when they arise.
Scotland has the talent, skills and resources in abundance to be a major player in the energy transition and secure a prosperous and sustainable future. We need to work better, smarter, and quicker to ensure that we can create an investor-friendly environment and seize the many opportunities which lie ahead.
Background
The Deputy First Minister’s speech.
Existing Scottish Government initiatives to support investment include:
- The Green Industrial Strategy, which sets out the Scottish Government’s priorities for the wind economy; carbon capture; hydrogen; green financial services; and clean energy-intensive industries.
- The Offshore Wind Investment Programme, which allocates up to £500 million over five years to stimulate private investment in port infrastructure and other opportunities to anchor our supply chain in Scotland.
- Hosting a global offshore wind investment forum in Edinburgh in 2025.
