‘Crisis’ sees Nicola Sturgeon unveil £62 million energy transition fund to support Oil and Gas in transition to net-zero

Nicola Sturgeon has announced a £62 million energy transition fund to support jobs in the oil and gas sector.

The first minister said the industry was in “crisis” due to a downturn in global demand but the cash would help protect jobs and businesses across the north east.

Ms Sturgeon said: “The impact of this crisis is being felt, across our economy – but we know that some sectors are particularly affected.

“For example, Scotland’s energy sector is facing a massive decline in global demand. And that is having a very serious impact on our economy.

“In doing so, we want to ensure that the sector can continue to lead – and to benefit from – Scotland’s transition to a net zero economy. That’s why today I am announcing a new £62 million energy transition fund.

“Over the next five years, the fund will support key energy projects, which will help Scotland’s move to net zero.

Ms Sturgeon continued: “Another project receiving support will be the Energy Transition Zone – a new business park adjacent to the Aberdeen South Harbour.

“It will provide state of the art facilities for the manufacturing – and development – of renewable and low-carbon technologies.

“By securing Scotland’s place as a world leader in key technologies for the future, we will help businesses across the country to diversify, attract new investment, and seize new opportunities.

“We know that the energy transition will shape this country’s economic future. Through these investments, we are ensuring that it will help to drive Scotland’s economic recovery from this crisis.”