Scottish First Minister Humza Yousaf has announced that Scotland will invest up to £500m ($606m) in the country’s offshore wind supply chain over the next five years.
According to a statement by the Scottish government, the investment will help create thousands of green jobs and deliver the full economic potential of offshore renewable projects. The investment is expected to be delivered through the Scottish National Investment Bank and enterprise agencies.
Up to £500 million will leverage private investment in ports, manufacturing and assembly work to support major supply chain opportunities to Scotland, the First Minister said.
Scotland’s offshore wind capabilities are anticipated to rapidly accelerate over the coming years, with ScotWind – the world’s largest floating offshore leasing round – expected to deliver up to £25bn of investment across Scotland’s supply chain.
Decisions on spending for 2024-25 and future years are subject to the outcome of the Scottish Budget process and associated approval by the Scottish Parliament. The Scottish government intends to present the Draft Budget for 2024-25 to Parliament on December 19, 2023.
“The acceleration of our offshore renewables capabilities over the coming decade presents enormous economic opportunities which must be seized to secure a just transition for our energy sector and a fairer, greener Scotland for everyone,” Yousaf said.
“This investment must now be met by addressing calls from industry for the next round of the contract for difference allocations to deliver Scottish projects at scale, and for grid infrastructure to meet the enormous potential Scotland’s energy transition holds,” he added.
