Green Growth Accelerator launched to unlock £200m of low carbon investment
A new investment programme to help deliver Scotland’s just transition to a net zero emissions economy has been launched.
The Green Growth Accelerator will speed up delivery of low carbon infrastructure projects across Scotland and provide extra resources and technical support to local authorities to get projects off the ground more quickly. Once fully opened the programme will unlock £200 million of public sector investment to drive Scotland’s transition to net zero – with further investment from private sector also anticipated.
Developed in collaboration with COSLA, it builds on the principles of the Growth Accelerator model which has already supported major economic investment opportunities including the St James Quarter in Edinburgh and the Waterfront in Dundee.
Applications are now open for six projects to help test the Green Growth Accelerator model. They will be developed with funding of £1m from the Scottish Government, which will work with COSLA and local authorities to learn from the first six projects ahead of a further roll out of the programme in 2022/23.
The Green Growth Accelerator was announced by net zero secretary Michael Matheson ahead of a Scottish Government parliamentary debate on addressing the global climate emergency, during which ministers will outline the government’s delivery plans over the course of the new parliament and urge collective action to deliver Scotland’s net zero ambitions.
Mr Matheson said: “Scotland was one of the first countries in the world to acknowledge and respond to the global climate emergency and our dedication to ending our contribution to climate change by 2045 is absolute.
“Urgent, collective and collaborative action is required in order to ensure a just transition to net-zero. If we all play our part, Scotland can show the rest of the world how it’s done – and ensure our people, businesses and communities can benefit from a greener, more sustainable economy.
“By capitalising on our strengths in energy, natural capital, innovation, and our skilled workforce, we can be at the forefront of growing global low carbon markets in the future.
“The Green Growth Accelerator illustrates how, working together across government, business and communities, we can capitalise on the economic, environmental and social benefits that our journey to net zero present.”
The Green Growth Accelerator is an outcome based funding model whereby a local authority will commit to deliver a set of agreed economic, environmental and social outcomes that will be delivered through investment in infrastructure. Where these outcomes are met the Scottish Government makes a regular payment over a set period, typically 25 years, reflecting the value of the outcomes achieved.
The focus of outcomes for the Green Growth Accelerator will include carbon emissions reductions, unlocking net zero and just transition opportunities and targeting growth in green jobs.
Further information about the Accelerator programme, which is now open, is available on the COSLA website.