LONDON (Reuters) – The Scottish government said on Friday it has set up a 62 million pound ($78 million) fund to help the energy industry recover from the impacts of the coronavirus crisis and the collapse in oil and gas prices.
The energy transition fund will support businesses in the sector over the next five years and help to attract private sector investment, focusing on Scotland’s north east.
Projects under consideration for funding include an underwater hub in Aberdeen to help the subsea and underwater sector to grow, an energy transition zone business park, and hydrogen projects.
“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,” Scotland’s economy secretary Fiona Hyslop said.
The energy industry in Scotland is made up of exploration, development, production and supply of hydrocarbon and renewable technologies and contributes to Britain’s security of supply.
Reporting by Nina Chestney. Editing by Jane Merriman