The Scottish Government has invited private investors to participate in the first release of the Green Investment Portfolio, a collection of market-ready low carbon, eco-friendly and recycling projects to help Scotland transition to a net-zero economy by 2045.
A total of 10 projects are included in the first release with a combined estimated value of £1.16 billion of investment potential.
These include Aberdeen Hydrogen, a £250 million hydrogen infrastructure programme; Clyde Gateway, Scotland’s first green business park with a value of £200m; Inverurie Energy Park, a £250m development to create a low carbon renewable energy park; and Pi Polymer Recycling, a £3m plastics recycling plant.
In total, £3bn of projects are in development across a range of sectors, such as low carbon energy, power and fuel; low carbon transport logistics and distribution; eco-friendly business space; circular economy and recycling; innovation and technology.
Economy Secretary Fiona Hyslop said: “Worth around £300 trillion globally, we know that the market for green finance is burgeoning and Scotland’s natural assets and reputation for innovation make it a highly attractive place for that investment.
“We know investors need credible projects that reduce emissions to match their own green ambitions. By assessing these projects before they go to market, the Green Investment Portfolio gives global investors the confidence they need to back projects in Scotland.”
Hyslop added: “The range of opportunities within this portfolio will expand over time to include £3 billion of projects ready for green finance investment, covering sectors from environmentally sustainable commercial real estate to low emission transportation and green energy.
“Working in partnership with business, we are committed to ensuring that economic growth promotes happiness and improves the opportunities, life chances, and wellbeing of every citizen in our country.”
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The Scottish Government recently announced close to £1.6 billion in funding as part of the Green New Deal project. Holyrood said it will also invest £500 million in Scotland’s natural economy, with £150 million going to delivering a 50% increase in woodland creation by 2024 and an extra £150 million will go to flood risk management.
Additional investments include a £100 million Green Job Fund and £60 million to help industrial and manufacturing sectors decarbonise, grow and diversify. The government will spend £70 million improving refuse collection infrastructure and developing a new route map to reduce waste and improve recycling as part of plans to drive a thriving circular economy.
The portfolio was launched at an event at the Lanarkshire Mossend International Railfreight Park, which is being expanded to take HGV freight off Scotland’s roads in a $200 million project.
David Stirling, Director of Mossend International Railfreight Park operator Peter D Stirling Ltd, said: “We are fully supportive of the Scottish Government’s target to achieve net-zero emissions by 2045 and indeed are contributing to this by providing Scotland’s largest zero-carbon, multi-modal rail freight park. The Green Investment Portfolio is a valuable tool to help us reach out to global investors.
“With future plans including Scotland’s first 775-metre electric rail terminal, we hope to benefit many local businesses as well as those based across Europe and beyond.”