AT least £1 billion of North Sea revenues should be set aside to help areas heavily dependent on oil and gas make the switch to a greener economy, Nicola Sturgeon has argued.
The First Minister wants to see areas like Aberdeen and the north-east of Scotland "supported to make the transition to new low or no carbon industries".
With the Office for Budget Responsibility having forecast the oil and gas sector to raise £8.5bn in revenue over the next five years, the SNP is calling for that cash to be totally ring-fenced, to fund efforts to tackle the climate crisis.
As part of that, Sturgeon argued at least £1bn should be set aside to support a "just transition" for areas like the north-east, Falkirk and Shetland where the oil and gas industry is a major employer.
She said: "The SNP will never argue for the oil and gas industry to be shut down overnight."
The First Minister, campaigning in Aberdeen in the run-up to the General Election, said "we must do everything in our power" to tackle the climate crisis.
READ MORE: Twitter slams Gove after he blasts SNP's anti-nuclear stance
She went on: "But we also have to ensure that areas like the north-east of Scotland, where the economy has been built on the oil and gas industry, are supported to make the transition to new low or no carbon industries."
Ministers have already put through legislation committing Scotland to achieving net-zero emissions by 2045, five years ahead of the UK target.
Sturgeon said while areas such as Aberdeen and the north-east were already "playing a major part in Scotland's renewables revolution", ring-fencing cash from oil and gas revenues and investing it in a net-zero fund could help "deliver real benefits to these communities and to our environment".
She continued: "The SNP has long argued that revenues from oil and gas should be invested for the long term, rather than fund day-to-day spending.
"Westminster failed to set up an oil fund, where Norway's is now worth one trillion dollars and is investing hugely in the low-carbon economy.
"We should seize the opportunity to ensure we do not waste future revenues in the same way.
"We need to take urgent action to diversify our transport and energy sources, and to speed that up, tax revenues from oil and gas should be invested directly in the transition."
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel