Scotland has launched a new green investment programme, aimed at supporting businesses enabling the transition to net zero emissions by 2045.
Local authorities, third sector bodies and developers will be able to bid for large scale investment in sustainable projects through the Green Investment Portfolio, which will bring together investors and projects from the public and private sectors to boost progress towards Scotland’s climate change targets. The portfolio’s partners include Highlands and Islands Enterprise, Scottish Enterprise, Scottish Futures Trust, the Scottish National Investment Bank, the Scottish Property Federation, Scottish Renewables and the UK Department for International Trade.
Projects which are successful in achieving support through the Green Investment Portfolio will be given the opportunity to receive targeted advice on developing and marketing their ideas, in order to raise their global profile and solicit private investment from international sources. The portfolio, which is estimated to be worth £3bn (€3.42bn) over a three year period, will announce its first tranche of successful projects in the first half of 2020.
Announcing the launch of Scotland’s Green Investment Portfolio at this year’s Ethical Finance conference in Edinburgh, Scottish First Minister Nicola Sturgeon said: “Scotland is determined to lead the transition to a net zero carbon economy, and we have been clear that we must leave no-one behind. With 85% of the finance for this transition coming from the private sector, we must do everything we can 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 are reducing emissions with investors so we can 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.”