The Scottish First Minister, Humza Yousaf, revealed that the Scottish Government plans to commit as much as £500 million over the next five years to bolster the offshore wind supply chain within the country.
Yousaf also mentioned that those who secure licenses in the ScotWind offshore round have suggested the possibility of investing a substantial £25 billion in Scotland’s supply chain throughout the duration of the ScotWind project.
He said “But we cannot just sit back and expect it to fall into our laps”
“Working with industry, we are determined to create it.
“I can therefore announce today that over the next five years the Scottish Government will invest up to £500m to anchor a new offshore wind supply chain right here in Scotland.”
Additionally, the First Minister emphasized that this financial support would serve as a catalyst, stimulating further private investments in Scottish ports and harbors.
This, in turn, would foster inward investments and motivate local businesses to explore fresh prospects. Beyond its environmental and employment benefits, this initiative would also signal to international investors that Scotland is serious about its economic endeavors.
Head of energy transition and supply chain at Scottish Renewables, Emma Harrick, said “Today’s announcement from the Scottish Government is welcome news for industry and is something Scottish Renewables has continuously campaigned for.”
“The £500m commitment will stimulate growth for supply chain organisations, foster export opportunities and promote the development of green skills in communities.”
“Scottish ports are the lynchpin for our offshore renewable ambitions and investing in this critical infrastructure will ensure the nation benefits from the fresh economic investment and regeneration opportunities a home-grown clean energy supply chain brings.”
“A recent report from the Offshore Wind Industry Council highlighted that the UK offshore wind supply chain has the potential to deliver more than £90bn of value to the UK economy by 2040.”
“Targeted interventions, like today’s announcement, will ensure Scotland maximises the economic benefits of our renewable energy projects, grow the renewable energy supply chain and ensure a just transition for suppliers across all green energy technologies.”
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