The UK government has today announced an additional £100M funding for Scottish renewable energy projects.
Funding comes from the Scottish Fossil Fuel Levy fund, and is additional to existing budget and spending plans proposed by the Scottish Government. The extra money will be used to support renewable energy schemes across Scotland, including marine projects.
The funding replaces the original Comprehensive Spending Review settlement from 2010 in which the UK government agreed to an increase in Green Investment Bank spending by £250M.
The remaining £100M from the fuel levy’s £200M surplus will support the £3bn Green Investment Bank. Any additional funds from the levy will be split between both governments. The Scottish Fossil Fuel Levy fund was set up in 1996 and paid by suppliers of electricity from non-renewable energy funds as part of the Non-Fossil Fuels Obligation.