Swinney calls for Scottish energy fund ring-fence

Summarised from 2 outlets · Updated 21 Oct, 15:58 · Archive

John Swinney has urged the UK Government to ring-fence an energy wealth fund for north-east Scotland's renewables transition.

John Swinney has urged the UK Government to ring-fence a new energy wealth fund derived from North Sea revenues to support the renewables transition in the north-east of Scotland. The Scottish First Minister made the call in a letter to the Prime Minister following approval of the Jackdaw gas field near Aberdeen. The fund has opened with £2 billion of UK Government funding.

Swinney said the cash should be prioritised for offshore renewable opportunities and focused on the north-east of Scotland, which he described as Europe's energy capital. He wrote: 'My clear view is that, given the distribution of North Sea oil and gas resources, any such fund should be prioritised for offshore renewable opportunities and be ring-fenced to be focused on the north-east of Scotland.'

The First Minister said the region has experienced 'significant economic disruption and harm' from the accelerated decline in oil and gas without a corresponding increase in renewable activity. He indicated that a significant increase in renewable activity was needed to deliver sustainable energy and contribute to climate change efforts.

How it is being reported

• Ring-fence energy fund for north-east of Scotland, says SwinneyThe call comes after the Jackdaw gas field near Aberdeen was approved by the UK Government.Evening Standard · 21 Oct, 15:28
• Ring-fence energy fund for north-east of Scotland, says SwinneyThe call comes after the Jackdaw gas field near Aberdeen was approved by the UK Government.Independent Business · 21 Oct, 15:28

In this story: John Swinney · Andy Burnham · Aberdeen · North Sea · Scotland

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