The Scottish government’s new investment programme is aimed at reducing emissions in areas including renewables, waste and transport. It is now open for applications after being announced in September as part of the legislative programme, Protecting Scotland's Future.
The Green Investment Portfolio will give local authorities, developers and third sector organisations the opportunity to pitch for investment to support projects. The Green Investment Portfolio will work with partners, including Scottish Enterprise, the Scottish National Investment Bank, Highlands & Islands Enterprise, Scottish Futures Trust, UK Department for International Trade, Scottish Renewables and the Scottish Property Federation to bring together private and public sector-led projects.
Successful projects will receive marketing and development advice to help them raise their international profile and attract private sector investment at overseas events. The Scottish government estimates that the Green Investment Portfolio will be worth £3bn over a three-year period, with the first tranche of projects expected to be launched in spring 2020.
First minister Nicola Sturgeon announced the launch. “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,” she said. “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.”