The Acorn carbon capture and storage and hydrogen project has been named as a major energy transition initiative set to receive support from the Scottish Government to help drive forward Scotland’s ambitious Net Zero carbon targets by 2045. The funding, which is part of a five year, £62m package will be provided by a new scheme, known as the North East Energy Transition Fund. Announced today (12th June 2020) by First Minister, Nicola Sturgeon, the scheme is designed to encourage the rapid development of a range of energy transition projects and ensure that Scotland’s economic recovery following the pandemic is environmentally sustainable and enables a transition away from fossil fuels in a way that doesn’t risk jobs and livelihoods.
Speaking about the new fund at the First Minister’s daily press briefing, Sturgeon said, ‘We want to protect jobs and businesses in the North East of Scotland and across the country. And in doing that we want to be able to ensure the country is able to lead and indeed benefit from Scotland’s necessary transition to a Net Zero economy. That is why today I am announcing a new £62 million pound energy transition fund. Over the next five years that fund will help key energy projects transition to Net Zero.’
Alan James, Managing Director of Pale Blue Dot Energy, the lead developers of the Acorn Project said, ‘We welcome this initiative. This is a real vote of confidence in the Acorn Project and a credit to the whole team here who have worked tirelessly to deliver the programme which can be up and running by 2024. What this means in real terms is that we can accelerate progress towards reducing Scotland and the UK’s carbon emissions and at the same time capitalise on the skills and resources of Scotland’s oil and gas sector as it transitions away from fossil fuels.’