Scottish support package to help deliver net zero

IOM3 Content Cafe
,
18 Jun 2020

A multi-million pound fund has been set up to help the energy sector recover from the dual economic impacts of coronavirus (COVID-19) and the oil and gas price crash. The £62mln Energy Transition Fund will support businesses in the oil, gas and energy sectors over the next five years.

Major projects to be considered for funding include a Global Underwater Hub, Net Zero Solution Centre projects, a Hydrogen Hub, the Acorn project and an Energy Transition Zone. Investment will focus on the north east region including Aberdeen.

The £62 million funding package will support projects such as -

  • A Global Underwater Hub in Aberdeen focused on helping the subsea and underwater sector grow with a focus on diversification and export support.
  • An Energy Transition Zone business park adjacent to the Aberdeen South Harbour.
  • Innovation projects led by Oil and Gas Technology Centre’s Net Zero Solution Centre.

The fund will also position the North East of Scotland as a Hydrogen model region, contributing early funding to projects including - ACORN CCS & ACORN Hydrogen, Aberdeen Vision, and the Aberdeen Hydrogen Hub. ACORN Hydrogen seeks to produce hydrogen from natural gas and the linked ACORN CCS project would capture and store the CO2 permanently in North Sea reservoirs.