The Scottish Government’s Green Industrial Strategy, launched today, will focus on the potential for offshore wind to secure investment and underpin the net zero transition.
Delivered as part of the Programme for Government, the Green Industrial Strategy sets out five priority areas where efforts and resources will be concentrated.
The first is maximising Scotland’s wind economy, with the Scottish Government also releasing an Offshore Wind Focus to accompany the strategy.
The Offshore Wind Focus provides an overview of a strategic assessment of the market opportunities and next steps that will underpin the public sector’s collective investment decisions in offshore wind, supporting delivery of the Green Industrial Strategy.
“Crucially, this document sets out the next steps we need to take to support the creation and promotion of investment opportunities for the sector and foster further collaboration with industry, and the UK Government and its agencies, to unlock investment at a scale and pace which is transformational for Scotland’s net zero ambition, citizens, communities, environment and economy,” wrote Gillian Martin MSP, Acting Cabinet Secretary for Net Zero and Energy, in the document’s foreward.
The Offshore Wind Focus stated: “Our commitment to invest up to £500m over five years is also expected to leverage significant private capital which will be vital to deliver the ports upgrades and supply chain facilities that offshore wind projects need.
“Based on our assessment of the current pipeline of potential projects, we can expect a multiplier effect of an average of 3 times the original public investment.
“Where this public investment is delivered by the Scottish National Investment Bank via commercial debt and equity funding, we can expect positive returns on those investments.”
The assessment identified the key strategic opportunities across two tiers, ports & harbours infrastructure and the wider offshore wind supply chain.
Next Spring Scotland will host a Global Offshore Wind Investment Forum.
Deputy First Minister Kate Forbes and Acting Cabinet Secretary for Net Zero and Energy Gillian Martin unveiled the Strategy during a visit to Flowcopter, a company developing drones which can be used in the offshore wind sector
Forbes said: “This Green Industrial Strategy spells out where we believe the greatest opportunities lie, and where we will focus our attention and resources.
“It provides certainty for businesses – both at home and abroad – by demonstrating where and how we will work to reduce barriers to investment and, where appropriate, share risk and reward.”
Scottish Renewables chief executive Claire Mack said: “We have worked closely with the Scottish Government on this strategy and are pleased that it has promised to drive forward the full potential for public and private investment in essential infrastructure, with plans to secure the manufacturing facilities Scotland needs to maintain its position as a world leader in clean power.
“We have been clear that the Scottish Government must show a real commitment to supporting companies across the supply chain and we welcome the energy supply chain package of support announced today.”