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Delivering an energy transformation in Scotland

More than ?26mn is being invested in a major initiative to accelerate the Scottish energy sector?s transition to net zero emissions. The Energy Transition Zone, which will be located adjacent to Aberdeen?s new ?350mn south harbour development, is expected to directly support 2,500 green jobs by 2030, alongside a further 10,000 transition-related jobs.

The investment will come from the Scottish government?s ?62mn Energy Transition Fund, a five-year financial package which was launched in June 2020 to support the oil, gas and energy sectors grow and diversify, whilst helping attract further private investment.

The Fund has already provided funding of ?6.5mn for a Global Underwater Hub as well as ?4.65mn to Aberdeen City Council to expand its hydrogen bus fleet. Further funding announcements are expected to be made in the coming months.

Announcing the funding, Net Zero, Energy and Transport Secretary Michael Matheson said: 
?The Scottish government is wholly committed to ending our contribution to climate change by 2045 and doing so in a way that ensures a just transition to net zero, making sure no one is left behind. One year ago, we launched the ?62mn Energy Transition Fund, recognising the impact of COVID-19 on the industry, but also the need to support our energy sector to grow and transition in a fair way. Urgent, collective action is required in order to ensure a just transition to a net zero economy. By capitalising on our strengths in energy, innovation and our skilled workforce, Scotland can show the rest of the world how it?s done ? and ensure our people, businesses and communities are at the forefront of our new green economy.?

The UK government has also committed similar levels of funding toward the project.

Key activities to be developed at the Energy Transition Zone are likely to include offshore wind high value manufacturing, marshalling and assembly a floating offshore wind centre of excellence; offshore hydrogen production landing facilities, green hydrogen test and demonstration facilities and high value manufacturing for hydrogen; facilities for trimodal refuelling and distribution; a low carbon marine field test and demonstration facility; a UK clean fields metrology centre; applied R&D for high value manufacturing

News Item details

Journal title: Petroleum Review

Countries: Scotland - UK -

Subjects: Banking, finance and investment Net zero Energy transition

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