George Osborne, UK Chancellor has agreed to release £103 million in funds accrued from the levy on Scotland’s fossil fuel industry to support the development of renewables in the region.
Ofgem the energy regulator, is holding in excess of £200 million in surpluses generated by the region’s energy industry and the Scottish Government has been campaigning for it’s release.
Finally, Whitehall as agreed to release the funds with the remaining money to be used to capitalise the Green Investment Bank.
“The announcement, though long overdue is welcome nonetheless” said Finance Secretary John Swinney. “We have consistently pressed the UK Government to deliver a pragmatic solution that accelerates the release of funding for renewable energy projects that are ready to go now in Scotland.”
The Government in Scotland have said they will use the funds to push forward with the development of renewables, including hydro, wave, tidal, onshore and offshore wind.
“The investment we are making in Scotland’s renewables future will bring the clear benefits of developing our competitive advantage , supporting new technologies and creating green jobs to help stimulate a strong economic recover”. says Swinney.