Scottish Government’s £3m green investment programme opens

The Scottish Government announced that the Green Investment Portfolio will give local authorities, developers and third sector organisations the opportunity to pitch for large scale investment to support projects reducing Scotland’s emissions in areas like renewables, waste, transport and the circular economy.

Announcing the launch at the Ethical Finance 2019 conference in Edinburgh, the First Minister Nicola Sturgeon, said: “Scotland is determined to lead the transition to a net-zero carbon economy, and we have been clear that we must leave no-one behind. With 85% of the finance for this transition coming from the private sector, we must do everything we can to help all parts of the economy contribute to net-zero emissions by 2045.

“The Green Investment Portfolio supports our ethical finance ambitions by matching projects which are reducing emissions with investors so we can fully maximise their potential and promote them globally.

“This could include projects that are making buildings more energy-efficient, reducing industrial emissions or even restoring peatlands. Our aim is to take to market a £3 billion portfolio of investable projects over the next three years.”

The Green Investment Portfolio will work with partners, including Scottish Enterprise, the Scottish National Investment Bank, Highlands and Islands Enterprise, Scottish Futures Trust, UK Department for International Trade, Scottish Renewables and the Scottish Property Federation to bring together the private and public sector-led projects.

Successful projects which are aligned to the Scottish Government’s climate change targets will receive marketing and development advice to help them raise their international profile and attract private sector investment at overseas events.

Claire Mack, chief executive at Scottish Renewables, said: “While we have made great strides towards our world-leading renewable energy targets, access to finance is a major issue for Scotland’s renewable energy sector.

“The uneven playing field created by the UK Government for onshore wind and solar PV, alongside the scale of offshore wind projects, means that significant sums are required to help us continue to support thousands of jobs and displace millions of tonnes of emissions each year.

“Today’s announcement is another piece of evidence that Scotland’s renewable energy sector is open for business.”

The Green Investment Portfolio is estimated to be worth £3 billion over a three-year period, with the first tranche of projects expected to be launched in spring 2020.

Eligible projects which are market-ready and seeking private sector capital should contact investment@gov.scot. Further information is available.