Projects helping Scotland transition to a net-zero economy by 2045 can now apply to be included in a new green investment programme estimated to be worth £3 billion over a three-year period.
The Green Investment Portfolio will give local authorities, developers and third sector organisations the opportunity to pitch for large scale investment to support projects reducing Scotland’s emissions in areas like renewables, waste, transport and the circular economy.
Announcing the launch at the Ethical Finance 2019 conference in Edinburgh earlier this week, First Minister Nicola Sturgeon MSP said:
“Scotland is determined to lead the transition to a net-zero carbon economy and we must leave no-one behind.
“With 85% of the finance for this transition coming from the private sector, we must do everything possible to help all parts of the economy contribute to net-zero emissions by 2045.
“The Green Investment Portfolio supports our ethical finance ambitions by matching projects which reduce emissions with investors to fully maximise their potential and promote them globally.
“This could include projects that are making buildings more energy efficient, reducing industrial emissions or even restoring peatlands. Our aim is to take to market a £3 billion portfolio of investable projects over the next three years.”
Kenneth Gibson MSP:
“I am delighted that the Green Investment Portfolio opened for applications during this year’s Scotland’s Climate Week, which is ongoing until Sunday 13 October.
“As we know, the SNP Government’s Climate Change Bill, passed on 25 September, commits Scotland to a target of net-zero emissions of all greenhouse gases by 2045. This is tougher than a net-zero carbon target, which commits only to balancing carbon dioxide emissions.
“It is crucial to invest in sustainable innovation and this programme is bound to boost such processes across the country for the next few years.”
The Green Investment Portfolio will work with partners, including Scottish Enterprise, Scottish National Investment Bank, Highlands and Islands Enterprise, Scottish Futures Trust, Scottish Renewables and the Scottish Property Federation to bring together private and public sector-led projects.
Successful projects aligned to the SNP Government’s climate change targets will receive marketing and development advice to help them raise their international profile and attract private sector investment at overseas events.
Eligible projects which are market-ready and seeking private sector capital should contact investment@gov.scot . Further information is available.
Ethical Finance 2019 was organised by the Global Ethical Finance Initiative.
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