Aberdeen to benefit from £26m energy transition fund

MORE than £26 million is being invested into an energy transition zone in Aberdeen to help the oil and gas sector diversify over the next decade.

The initiative will be located adjacent to Aberdeen’s new £350m south harbour development.

It is part of long-term plans to achieve net-zero emissions and is expected to directly support 2,500 green jobs by 2030, alongside a further 10,000 transition-related jobs.

The investment will come from the Scottish Government’s Energy Transition Fund, a fiveyear financial package launched in June 2020 to support the oil, gas and energy sectors grow and diversify, while helping attract further private investment.

The fund has already provided £6.5m for a Global Underwater Hub as well as £4.65m to Aberdeen City Council to expand its hydrogen bus fleet.

Transport Secretary Michael Matheson said: “The Scottish Government is wholly committed to ending our contribution to climate change by 2045, and doing so in a way that ensures a just transition to net-zero, making sure no-one is left behind.”

The news follows funding from the UK Government in Chancellor Rishi Sunak’s budget earlier this year, where £27m was committed towards creating an energy transition zone.

Chief executive of ETZ, Maggie McGinlay, said: “The Scottish Government’s confirmation of financial support for the Energy Transition Zone is a welcome boost for Aberdeen and the north-east of Scotland.”

Ms McGinlay added that “ETZ Ltd’s clear ambition is to transform the region into a globally integrated energy cluster”.