A specialised Investor Panel, convened to provide insights on fostering conditions conducive to global capital investment for a just transition, has presented a series of recommendations for the Scottish Government. Aimed at supporting the required physical infrastructure for the shift to net-zero, these recommendations underscore the crucial role of public and private capital investment in achieving a sustainable future.
Claire Mack, Chief Executive of Scottish Renewables, welcomed the Investor Panel’s recommendations, emphasising the necessity for unprecedented levels of investment to facilitate a just transition. Acknowledging the competitive landscape for clean energy investment globally, Mack stressed the urgency for the Scottish Government to establish a conducive environment that instil confidence in both the public and private sectors to invest significantly.
The recommendations put forth by the Investor Panel, which analysed attractive characteristics and practices from regions like Western Australia, the Republic of Ireland, Portugal, Canada, Singapore, and Norway, include:
- Considering Investor Views in Policy Development: The panel suggests fully considering the views of investors when formulating and implementing policies and legislation.
- Infrastructure Priorities Pipeline: Advocating for the establishment of a comprehensive pipeline outlining planned, costed, and shaped infrastructure priorities.
- Streamlined Relationship Management: Proposing a focused and streamlined approach to building and managing relationships with investors across the Scottish Government, its agencies, and the broader public sector.
First Minister Humza Yousaf acknowledged the progress already underway in implementing some of the recommendations and highlighted the pivotal role of investor perspectives in shaping future government policy. Yousaf emphasised the need for a just transition to net-zero, positioning it as a means to harness economic opportunities and generate growth and employment across Scotland.
Co-chair of the Investor Panel, Angus Macpherson, emphasised the substantial challenge in achieving a transition to net-zero emissions and the imperative for collaboration between the public and private sectors. Macpherson stressed Scotland’s potential to develop a competitive advantage by adopting a distinct approach and acting decisively.
The recommendations align with the Scottish Government’s commitment to delivering a just transition to net-zero, leveraging public and private investments. As Scotland faces the challenge of attracting substantial capital at a time of stretched public finances, the insights from the Investor Panel aim to guide the strategic direction for driving investment into the country.