Projects that help Scotland transition to a net-zero economy by 2045 can now apply to be included in the new green investment programme
The green investment programme will allow developers to pitch for large scale investments to support projects that reduce Scotland’s emissions. Areas include renewables, waste, transport and the circular economy.
First minister, Nicola Sturgeon announced at the Ethical Finance Conference in 2019, that: “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 £3bn portfolio of investable projects over the next three years.”
Scotland’s net-zero target
Scotland’s new climate change bill commits Scotland to a target of net-zero emissions of all greenhouse gasses by 2045. This is more challenging than a net-zero carbon target, which only commits to reducing carbon dioxide emissions.
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 align with Scotland’s climate change targets will receive marketing and development advice to raise their international profile and attract private sector investment.
The Green Investment Portfolio is estimated to be worth £3bn over a three-year period. The first tranche of projects are expected to launch in spring 2020.
Eligible projects which are market-ready and seeking private sector capital should contact investment@gov.scot for further information.
Scotland’s climate week 2019 takes place from 7-13 October.
