Scotland unveils 62 million pound fund to support energy sector

Environment

LONDON (Reuters) – The Scottish government said on Friday it has set up a 62 million pound ($78 million) fund to help the energy industry recover from the impacts of the coronavirus crisis and the collapse in oil and gas prices.

The energy transition fund will support businesses in the sector over the next five years and help to attract private sector investment, focusing on Scotland’s north east.

Projects under consideration for funding include an underwater hub in Aberdeen to help the subsea and underwater sector to grow, an energy transition zone business park, and hydrogen projects.

“It is vital we move quickly to seize the opportunity to take forward a green, low-carbon recovery and support the workforce as the energy sector diversifies,” Scotland’s economy secretary Fiona Hyslop said.

The energy industry in Scotland is made up of exploration, development, production and supply of hydrocarbon and renewable technologies and contributes to Britain’s security of supply.

Reporting by Nina Chestney. Editing by Jane Merriman

Products You May Like

Articles You May Like

Colin Powell: Former US secretary of state dies of Covid complications
Bloodshed in Beirut after gunfire erupts at protest
Sir David Amess death: Show kindness and love, say MP’s family
Facebook to hire 10,000 in EU to work on metaverse
Sir David Amess death: Jo Cox’s husband had ‘physical reaction’ to killing

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.