Pinsent Masons energy investment report welcomed
The SNP is welcoming an international law firm’s renewable energy market report which has been published today showing 84% of respondents said that Scotland is the most attractive part of the UK for investment.
The report by Pinsent Masons, entitled 'Scotland's place in the Renewable Energy World', shows prominent players in the Scottish renewable energy sector feel that the UK is the most likely destination for their investment over the next three years, with Scotland the most attractive country with the UK.
Euan McVicar, an Edinburgh-based Partner in the Energy and Natural Resources practice at Pinsent Masons, said:
“In Scotland, we have seen in excess of £200m invested into onshore wind, and the launch of the Green Investment Bank in Edinburgh will further bolster Scotland's global standing. There is every reason for confidence."
This comes off the back of a report from the UK Committee on Climate Change showing household energy bills will be about £600 higher per year by the end of the decade if the UK relies increasingly on gas, whilst they would only be around £100 higher than today’s average if the UK concentrated on renewable power generation.
Rob Gibson MSP, who recently won the Best Politician at the Scottish Green Energy Awards 2012, said:
“This report from Pinsent Masons is further evidence that Scotland has a huge financial asset in its natural resources and renewable energy potential which already employs tens of thousands of people, supporting the economy in this tough financial climate.
“Scotland is ripe for local and foreign investment and being a world leader in the energy revolution will only enhance our fledgling green industries.
“The SNP Scottish Government is already committed to producing 100% of our electricity needs from renewables by 2020, and this report demonstrates that our commitment to renewables will pay dividends in the future.
“The growth of renewables in Scotland will mean that not only will we be able to supply our own energy needs but will have energy to sell to others.
“Scotland has a total estimated renewables capital investment of well over £46 billion, and will continue to create thousands of new jobs in Scotland.”