Nicola Sturgeon vowed to usher in a new age of renewable energy as she announced cash for green projects – and promised an oil-based “independence investment fund”.
The first minister revealed the plan as she focused on the region’s oil and gas history at the SNP conference in Aberdeen.
An immediate round of £50 million spending will go to 22 projects, including production of green hydrogen, as well as wave and tidal technology.
And in her speech at the end of the three-day conference, Ms Sturgeon looked at the separate prospect of using “remaining” oil revenue to set up an independence investment fund.
First decade of independence
The proposed “building a new Scotland fund” would deliver up to £20 billion of investment in the first decade of independence, if another referendum is held.
“A fund like this could support a massive programme to decarbonise housing, cut fuel bills and reduce fuel poverty,” she said.
“It could finance the building of thousands more affordable homes.”
It is likely to be a mix of revenue and borrowing.
The policy will be outlined in more detail in a promised government paper on the economic case for independence expected on October 17.
Ms Sturgeon said the north-east is now at the heart of the transition to a “net zero” future.
She began her one-hour speech by referencing the industrial heritage of the region.
“Since our late Queen – whose extraordinary life of service we have honoured in recent weeks – switched on the Forties pipeline in 1975, oil and gas has powered the Scottish economy,” she said.
“Her late Majesty, back then, inaugurated the oil and gas age.
“As we move now – in so many ways – into a new era, we have a duty to repay all those who work in that industry.
“A duty to support them into new jobs in green energy. An opportunity to usher in the new age of Scottish renewables.”
Who is getting the £50m?
One project in the £50m spending round aims to use waste from whisky production to recycle batteries for electric batteries.
Nearly £10m of the money will be used to stimulate investment from energy supply chain companies looking to deliver green energy projects.
The Press and Journal revealed on Saturday that £165,000 would be awarded to the campaign group aiming to reconnect the north-east rail network between Dyce and Fraserburgh.
And £5m will help develop a digital offshore energy skills passport to make it easier to transfer between fossil fuel and renewable jobs.
Chief executive John McDonald, whose Opito group is developing the passport, said: “With UK offshore energy jobs forecast to grow to more than 211,000 by 2030, it’s vital we prepare and empower a diverse, agile and adaptable workforce, nurturing the skills we need in oil and gas, offshore wind, carbon capture and storage, and hydrogen.”
Another award will help Moray Council promote hydrogen energy and develop derelict land.
SNP government minister Richard Lochhead, the MSP for Moray, said: “As we embark on our energy transition we can build on the oil and gas industry’s expertise and ingenuity to transition to a clean energy future.”
