The funding will majorly focus on the north-east of the country. Credit: drpepperscott230 from Pixabay.

The Government of Scotland has announced a £62m ($78m) ‘Energy Transition Fund’ designed to help the Scottish energy industry recover from the impacts of the Covid-19 crisis and oil price crash.

The Energy Transition Fund will be utilised over the next five years to assist the companies to further diversify the businesses and attract private sector investment.

The funding will mainly focus on the north-east of the country.

Scotland’s economic secretary Fiona Hyslop said: “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.

“Aberdeen is recognised globally as a centre of excellence in oil and gas and this funding will help ensure that the knowledge, skills and expertise it has to offer will play a vital role in the energy transition.

“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. Now is an opportune time to re-imagine the Scotland around us and to begin building a greener, fairer and more equal society and economy focused on wellbeing.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Projects that are under consideration for funding include an underwater hub in Aberdeen to support the growth of the subsea and underwater sector, an energy transition zone business park, and a range of hydrogen projects.

OGUK chief executive Deirdre Michie said: “The support from the Scottish Government today is good news for jobs, supply chain companies and energy communities.

“This significant funding recognises the essential role of Scotland’s offshore oil and gas industry in realising a net zero Scotland by 2045.”