Scotland sets up £62 million fund for energy sector

Jun 15 2020


The support package will help deliver a net zero future and includes early funding for the Acorn CCS project.

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 £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.

The investment, with a focus on the North East, underpins the region’s ambitions to become a world leader in the transition to net zero, helping Scotland meet its ambitious targets on climate change.

The £62 million funding package is available to support Net Zero projects, including:

  • 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.

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, located at the St. Fergus gas terminal, seeks to produce hydrogen from Natural Gas and the linked ACORN CCS project would capture and store the CO2 safely and permanently in North Sea reservoirs.
  • The Aberdeen Hydrogen Hub presents the opportunity to use green hydrogen in the transport sector.

Scottish Government
Acorn Project


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