Scottish government launches green growth accelerator

The Scottish government has launched a £200m green growth accelerator to invest in low carbon projects.

An initial £1m will be provided to six pilot projects ahead of a full rollout of the programme in 2022/23.

The growth accelerator model has already been used to deliver St James Quarter in Edinburgh and the Waterfront in Dundee.

It works by offsetting borrowing costs for new projects, subject to performance targets.

Local authorities will be required to commit to a set of economic, environmental and social outcomes to be delivered by the investment.

The announcement comes ahead of a Scottish Parliament debate this afternoon on the climate emergency.

Net zero secretary Michael Matheson said: “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.”

 Opposition amendments for the debate will put pressure on the government to bring forward a revised climate change plan and withdraw its support for a third runway at Heathrow Airport.