A multi-million pound fund has been set up to help the energy sector in Scotland recover from the dual economic impacts of coronavirus and the oil and gas price crash.
The £62 million ($78 million) Energy Transition Fund will support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and will help attract private sector investment in the region, World Oil reported.
The investment, with a focus on the North East, underpins the region’s ambitions to become a world leader in the transition to net zero, helping Scotland meet its ambitious targets on climate change.
Major projects to be considered for funding include a Global Underwater Hub, Net Zero Solution Centre projects, a Hydrogen Hub, the Acorn project and an Energy Transition Zone.
The investment will also benefit the wider Scottish energy sector and supply chain, working with local businesses to support sustainable jobs and maximize inclusive economic growth across the country.
“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,” Economy Secretary Fiona Hyslop said.
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