THE Scottish Government must move swiftly to set up a ScotWind wealth fund using the millions brought in from offshore wind farm leases, campaigners have said.
Ahead of a key debate in the Scottish Parliament on “Scotland’s Energy Opportunity” on Thursday, community organisations and environmental campaigners have called for cash raised during the auction for offshore wind developments to be earmarked for the long-term benefit of the Scottish people.
The ScotWind project involves leasing out sections of Scotland’s seabed, most of which is officially part of the Crown Estate, to companies for up to 10 years.
The SNP and Scottish Greens both pledged to create a ScotWind Wealth Fund in their Holyrood elections manifesto, with the First Minister reiterating the proposal last week while announcing his Programme for Government.
Campaigners insist Scotland has a “once in a generation” chance to start up a Scandi-style national wealth fund that would improve the lives of ordinary Scots.
Dr Josh Doble, director of policy and advocacy at Community Land Scotland, said: “We have a once in a generation opportunity to establish a national fund for the future, to learn from the mistakes of North Sea oil and gas exploitation and ensure that the financial benefits of big offshore wind stay within Scotland and support local economic development around the country.”
Earlier this week, the Scottish Greens called for £300 million from the ScotWind revenues to be invested in community-owned energy projects and campaigners are backing this.
The party says the money should be put into a new wealth fund to help communities own renewable energy projects and ensure more of the profits from Scotland’s energy stay in Scotland.
The original ScotWind fund was worth £750m. Around £320m has already been committed to help cover short-term budget pressures, but campaigners feel the rest should go towards a wealth fund.
Doble added: “The £300m of leftover funds from the ScotWind leasing pot must not be squandered or spent on plugging holes in the budget.
“There are sound political, economic and ethical arguments for that money being invested in the future of Scotland and on projects which deliver local economic development, including community-owned schemes.
“If the Scottish Government moves quickly to establish the fund and confirm the use of ScotWind lease money, this could provide seed funding and a strong financial basis to begin vital community wealth-building projects around the country.”
Amanda Grimm, advocacy lead for Stop Climate Chaos Scotland, added: “If it’s really Scotland’s energy, then ordinary Scots need to feel the benefit. As we transition from fossil fuels to home-grown renewables, we have the opportunity to make Scotland’s energy system fairer as well as cleaner.
“The renewables sector makes an estimated £10 billion per year, but too little of this is seen or felt in our communities.
“The Scottish Government’s promised ScotWind Wealth Fund is a chance to change this. The fund should support community wealth-building projects in villages, towns and cities across Scotland.”
