Offshore wind in Scotland has the potential for investment of £40 billion, according to a new report commissioned by Highlands and Islands Enterprise.
The study analysed various development projects in the economic pipeline of what it refers to as regional transformational opportunities (RTOs).
These included renewable energy projects such as offshore and onshore wind, pumped storage hydro, green hydrogen and marine energy.
In total, more than £100bn of potential investment was identified, with renewables accounting for around three-quarters of the total RTO investment value.
Offshore wind accounted for £40bn, with over £13bn for pumped storage hydro, £10.9bn for onshore wind, £9.1bn for green hydrogen and £2.9bn for marine energy.
Other projects relate to space, marine biotech, life sciences, natural capital and critical infrastructure developments such as electricity grid upgrades, improvements to ports and harbours and research and creation of innovation facilities.
HIE said the £100bn investment value could bring around 16,000 jobs at the peak of construction and development, and 18,000 operational jobs by 2040.
The study was commissioned by HIE in partnership with the Highlands and Islands Regional Economic Partnership (HIREP) and carried out by research specialists Ekosgen.
It will be discussed at the Convention of the Highlands and Islands meeting taking place in Strathpeffer today.
The scale of opportunity is described in the report as “unprecedented” for the Highlands and Islands and possibly even Scotland and much of the UK.
The dual purpose of the study is to better understand the breadth of economic opportunities with the greatest potential to bring transformational change to the region’s economy and society, and to inform planning and decision-making by HIREP partners to maximise benefits.
The RTOs are largely private sector-driven with some public sector co-investment and some investment through Growth Deals.
HIE chief executive Stuart Black said: “It would be difficult to overstate the importance of this research and its implications for the role that this region has in Scotland’s economic future.
“We’ve certainly been aware for some time of projects at various stages of development across the region that could transform our economy and communities and significantly enhance Scotland’s economy.
“This report quantifies the impacts of those projects in a way we’ve not been able to do so far.
“The Highlands and Islands will be the engine room for growth for the Scottish economy in the years ahead.
“We know there’s a lot to get right. Bringing these projects to fruition means addressing some serious challenges facing the region and a strong commitment to partnership.
“But the sheer scale of the potential prize from these efforts makes all that very worthwhile and that’s where our focus should be.
“The report will be crucial in informing decisions around things like planning and investment in order to realise as much of the potential benefits as possible.
“We must support businesses and communities to ensure these investments leave a long-term legacy.”