The Scottish government has revealed that it has set up a multi-million dollar fund to help the energy sector recover from the impacts of the pandemic and the oil and gas price crash.
According to the government, the $77.7 million (GBP 62 million) Energy Transition Fund will focus on the North East and support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify. It will also help to attract private sector investment in the region, the government noted.
Projects to be considered for funding under the investment, which the government said underpins the area’s ambitions to become a world leader in the transition to net zero, include a global underwater hub, net zero solution center projects and an energy transition zone.
“This is an extremely difficult time for our business community and we recognize the need to do all we can to help the recovery of key sectors of the economy and Scotland’s regions,” Economy Secretary Fiona Hyslop said in a government statement.
“This package of investment for the North East will support our energy sector as it recovers from the impact of Covid-19 and will help us make significant progress as we move towards net zero by 2045,” Hyslop added.
“Aberdeen is recognized globally as a center of excellence in oil and gas and this funding will help ensure that the knowledge, skills and expertise it has to offer will play a vital role in the energy transition,” Hyslop continued.
Oil & Gas UK Chief Executive Deirdre Michie said, “the support from the Scottish government … is good news for jobs, supply chain companies and energy communities”.
“This significant funding recognizes the essential role of Scotland’s offshore oil and gas industry in realizing a net zero Scotland by 2045,” Michie added.
To contact the author, email andreas.exarheas@rigzone.com
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