Skip to contentSkip to navigation
TwitterLinkedInInstagram
  • Home
  • News
  • Events
  • Covid-19 Statement
  • Contact Us

New Energy Transition Fund | ONE

Site Navigation

  • About ONE
    nav-arrow About ONE
    nav-arrow Transformational Leadership and Action
    nav-arrow Who We Are
    nav-arrow Delivery and Impact
    nav-arrow Regional Economy
    nav-arrow ONE Enterprise Fund
    SeedPod reaches key milestone
    SeedPod reaches key milestone
    ONE Chair appointed to new UK Business Council
    ONE Chair appointed to new UK Business Council
    Key projects for 2021
    Key projects for 2021
  • Transformational Projects
    nav-arrow Transformational Projects
    nav-arrow Energy Transition
    nav-arrow Seafood Transformation
    SeedPod reaches key milestone
    SeedPod reaches key milestone
    Adventure tourism insights
    Adventure tourism insights
    Key projects for 2021
    Key projects for 2021
  • Digital & Entrepreneurship
    nav-arrow Digital & Entrepreneurship
    nav-arrow Transformational Leadership and Action
    nav-arrow ONE Tech Hub
    nav-arrow Accelerate Growth
    nav-arrow Digital Catalyst
    nav-arrow Internationalisation and Market Development
    nav-arrow Strategic Partnerships
    nav-arrow EnergyTech
    New business growth and recovery programme
    New business growth and recovery programme
    EnergyTech to create culture of cooperation
    EnergyTech to create culture of cooperation
    ONE and partners launch EnergyTech initiative
    ONE and partners launch EnergyTech initiative
  • Energy
    nav-arrow Energy
    nav-arrow Transformational Leadership and Action
    nav-arrow Energy Transition
    nav-arrow Accelerate Growth
    nav-arrow Digital Catalyst
    nav-arrow Internationalisation and Market Development
    nav-arrow Strategic Partnerships
    New energy supply chain digitalisation programme launched
    New energy supply chain digitalisation programme launched
    Fit for Offshore Renewables programme launched
    Fit for Offshore Renewables programme launched
    Oil & Gas Authority revised strategy
    Oil & Gas Authority revised strategy
  • Food, Drink & Agriculture
    nav-arrow Food, Drink & Agriculture
    nav-arrow Transformational Leadership and Action
    nav-arrow SeedPod
    nav-arrow Accelerate Growth
    nav-arrow Transform Food Production
    nav-arrow Internationalisation and Market Development
    nav-arrow Strategic Partnerships
    New food and drink campaign
    New food and drink campaign
    SeedPod reaches key milestone
    SeedPod reaches key milestone
    The Academy Launched
    The Academy Launched
  • Life Sciences
    nav-arrow Life Sciences
    nav-arrow Transformational Leadership and Action
    nav-arrow BioHub
    nav-arrow Accelerate Growth
    nav-arrow Digital Catalyst
    nav-arrow Internationalisation and Market Development
    nav-arrow Strategic Partnerships
    ONE Life Sciences Accelerator launched
    ONE Life Sciences Accelerator launched
    Life sciences review 2020
    Life sciences review 2020
    Life sciences start-up ideas secure development support
    Life sciences start-up ideas secure development support
  • Tourism
    nav-arrow Tourism
    nav-arrow Transformational Leadership and Action
    nav-arrow VisitAberdeenshire
    nav-arrow Accelerate Growth
    nav-arrow Gourmet Food Festival
    nav-arrow North East Adventure Tourism
    Adventure tourism insights
    Adventure tourism insights
    Bike storage scheme grants
    Bike storage scheme grants
    Adventure tourism to support economic recovery
    Adventure tourism to support economic recovery
  • Home
  • News
  • Events
  • Covid-19 Statement
  • Contact Us
News
Energy
Posted: 12 June 2020
ONE welcomes £62 million energy sector fund

Opportunity North East (ONE) today welcomed the announcement of a Scottish Government support package to help north east Scotland deliver a net zero future.

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 of Scotland, 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.

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.

The investment will also benefit the wider Scottish energy sector and supply chain, working with local businesses to support sustainable jobs and maximise inclusive economic growth across the country.

Economy Secretary Fiona Hyslop said: “This is an extremely difficult time for our business community and we recognise the need to do all we can to help the recovery of key sectors of the economy and Scotland’s regions.

“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 toward 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.

“It is vital we move quickly to seize the opportunity to take forward a green, low-carbon recovery and support the workforce as the energy sector diversifies. Now is an opportune time to re-imagine the Scotland around us and to begin building a greener, fairer and more equal society and economy focused on wellbeing.”

Sir Ian Wood KT GBE, Chair of Opportunity North East, said: “We very much welcome today’s timely funding announcement from the Scottish Government, which provides £62 million of early stage funding for a number of projects, including the proposed Energy Transition Zone, to help strengthen the north east of Scotland’s growing position as a global integrated energy transition cluster, creating a lot of employment over the next 20 years.

“Earlier this year, ONE set out the ambition to help create a world leading Energy Transition Zone (ETZ) in partnership with Aberdeen City Council, Aberdeen Harbour Board and Scottish Enterprise. The Zone will create a place to attract and develop green energy related R&D, innovation, manufacturing, testing, demonstration and services, and the business and skills needed to support energy transition activities.

“Today’s announcement is the first step in evolving the ETZ from a concept to a live project which will deliver the economic ambition shared by all partners. It is now recognised in Aberdeen City Council’s draft Local Development Plan and a steering group has been created to develop the business case to secure commitment and further funding from the UK Government’s Oil & Gas Sector Deal and the private sector.

“The COVID-19 pandemic has increased the public’s awareness of the need to reshape our economy and both governments are driving a ‘green recovery’. The ETZ is aligned with this strategy and ongoing discussions to develop a ‘Transformational Sector Deal’ for the existing oil and gas industry.

“The people, communities and businesses in North East Scotland have played an important role in producing our country’s energy sources over the last 50 years. We now have the exciting challenge of helping develop a carbon free economy to meet Scottish and UK Government net zero targets by 2045 and 2050. This will require leveraging on our existing on and offshore infrastructure, technology and skills, and diversifying our global supply chain to ensure the North East of Scotland continues to play an important role in the UK’s energy future, albeit this time with the environmentally positive on and offshore wind, hydrogen and carbon capture and storage.”

Trevor Garlick OBE, Chair of the ONE Energy board and the Global Underwater Hub project, said: "We welcome today’s Scottish Government funding announcement for the energy sector in North East Scotland, which includes support for a Global Underwater Hub in Aberdeen to harness the huge potential the UK’s world-leading underwater engineering and technology expertise.

“The multi-sector Hub will help UK companies win more business overseas, attract inward investment and develop the skills and technologies needed to increase our share – currently £8 billion – of a growing global market with a gross annual spend expected to reach c.£100 billion by 2035.

“It will play a significant role in furthering Scotland’s and the UK’s net zero ambitions, connecting companies, universities and R&D institutions across the UK to leverage the collective strength of the UK’s underwater industries – from offshore renewables and oil and gas, to marine science and defence.

“We look forward to continuing to work closely with underwater engineering and technology companies, Subsea UK and other trade associations, governments, academia and regional development agencies to deliver this exciting project.”

Fa139835 e8ee 4597 857e d6cb7618919eSir Ian Wood welcomed the funding announcement to help north east Scotland deliver a net zero economy.
Stay up to date
Sign up to Opportunity North East’s newsletter to hear about our latest sector events and regional news.

Your privacy matters to us so if you want to find out more on how we keep your data safe, view our Privacy Notice or talk to ONE direct.

news
New food and drink campaign
Feb 22 2021
Adventure tourism insights
Feb 17 2021
SeedPod reaches key milestone
Feb 10 2021
twitterTweets by OpportunityNE_1
contact

Opportunity North East Ltd

11 Queens Gardens
Aberdeen
AB15 4YD

+44 (0)1224 061100

info@opportunitynortheast.com

  • About One
      Transformational Leadership and ActionWho We AreDelivery and ImpactRegional EconomyONE Enterprise Fund
  • Transformational Projects
      Energy TransitionSeafood Transformation
  • Digital & Entrepreneurship
      Transformational Leadership and ActionONE Tech HubAccelerate GrowthDigital CatalystInternationalisation and Market DevelopmentStrategic PartnershipsEnergyTech
  • Energy
      Transformational Leadership and ActionEnergy TransitionAccelerate GrowthDigital CatalystInternationalisation and Market DevelopmentStrategic Partnerships
  • Food, Drink & Agriculture
      Transformational Leadership and ActionSeedPodAccelerate GrowthTransform Food ProductionInternationalisation and Market DevelopmentStrategic Partnerships
  • Life Sciences
      Transformational Leadership and ActionBioHubAccelerate GrowthDigital CatalystInternationalisation and Market DevelopmentStrategic Partnerships
  • Tourism
      Transformational Leadership and ActionVisitAberdeenshireAccelerate GrowthGourmet Food FestivalNorth East Adventure Tourism
ONE (en-GB)
Privacy Policy | Terms and Conditions