Scotland most attractive UK destination for renewables investment

Published on Wednesday, 09 January 2013 12:10
Posted by Vicki Mitchem

The Scottish National Party has welcomed a report by international law firm, Pinsent Masons which shows 84% of respondents felt Scotland is the most attractive part of the UK for the purposes of investment.

The report named "Scotland's place in the Renewable Energy World", details the support of key sector leaders to invest in Scotland over the next three years.

Euan McVicar, Partner in Energy and Natural Resources at the firm said:

"In Scotland, we have seen in excess of £200m invested into onshore wind, and the launch of the Green Investment Bank in Edinburgh will further bolster Scotland's global standing. There is every reason for confidence."

This report supplements the findings of a report by the UK Committee on Climate Change describes how consumer energy bills will be approximately £600 higher per year by 2020 if the UK continues to rely on gas. The alternative is for a £100 increase per year if the UK focuses on alternative energy sources.

Rob Gibson MSP (recent winner of the Best Politician at the Scottish Green Energy Awards 2012) said:

"This report from Pinsent Masons is further evidence that Scotland has a huge financial asset in its natural resources and renewable energy potential which already employs tens of thousands of people, supporting the economy in this tough financial climate." "Scotland is ripe for local and foreign investment and being a world leader in the energy revolution will only enhance our fledgling green industries. The SNP Scottish Government is already committed to producing 100% of our electricity needs from renewables by 2020, and this report demonstrates that our commitment to renewables will pay dividends in the future." "The growth of renewables in Scotland will mean that not only will we be able to supply our own energy needs but will have energy to sell to others. Scotland has a total estimated renewables capital investment of well over £46 billion, and will continue to create thousands of new jobs in Scotland."

Source: ©Green Energy

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