£62 million fund to boost energy sector

£62 million fund to boost energy sector

A £62 million funding package has been established to help the energy sector recover from the impacts of COVID-19 and the oil and gas crash from earlier this year. It will do this by helping businesses in the North-East bounce back with a pivot towards green technology.

Chief executive of the Oil & Gas Technology Centre Colette Cohen said:

“We look forward to working with industry and government to deliver these exciting programmes and make sure the North East of Scotland continues to be a leader in technology and innovation for the net zero economy.”

What does it entail? 

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

Additionally, the £62 million Energy Transition Fund will support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and will help attract private sector investment in the region.

Economy Secretary Fiona Hyslop said:

“This package of investment for the North East will support our energy sector as it recovers from the impact of COVID-19 and will help us make significant progress as we move towards net zero by 2045. Aberdeen is recognised globally as a centre of excellence in oil and gas and this funding will help ensure that the knowledge, skills and expertise it has to offer will play a vital role in the energy transition.”

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