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Edinburgh to host energy conference
04/03/2010
Edinburgh will host a major conference that will harness financial innovation to fund the creation of major green infrastructure projects and support global climate change goals, First Minister Alex Salmond will announce today.
The international conference - to be held in autumn - will bring together the financial services and energy industries to develop innovative financing solutions for energy efficiency, heat, transport and low carbon electricity and infrastructure projects.
At Edinburgh Chamber of Commerce's Annual Dinner this evening, the First Minister will outline how the conference will showcase Scotland's low carbon investment opportunities and lay the foundations for Scotland to become the world's leading destination for investment in low carbon projects.
The First Minister will explain how harnessing the investment opportunities of developing economies both within and outside Scotland can support major green infrastructure projects, such as those required for Scotland's enormous renewables capacity, and create real and not virtual wealth while supporting green energy goals.
The conference will capitalise on Scotland's enormous low carbon and green energy potential by showcasing projects in the public and private sector to international investors, while focusing on developing innovative funding solutions to deliver them. With a coming market place of up to #100,000 million in off-shore wind generation alone, this is the moment to consider how we can best finance these opportunities.
The conference will be organised by the Scottish Low Carbon Investment Project (SLIP) - a new joint initiative between the Scottish Government, Scottish Enterprise and Arup - which will run over 6 months from March. SLIP is closely supported by Edinburgh Chamber of Commerce and other organisations to engage across the Scottish business and low carbon sectors, and to develop links with the wider international investment community in the run up to the conference.
First Minister Alex Salmond said:
"Financial innovation can play a key role in delivering a low carbon future for Scotland through investing in major green infrastructure projects that both create jobs and help us secure global climate change goals.
"This international conference will bring together the financial services and energy industries to develop innovative financing solutions for major infrastructure projects and green investment opportunities.
"This event will aim to harness investment opportunities to encourage sustainable economic growth through infrastructure creation, not asset inflation. This Government recognises the emergence of new economies into the world economy, such as China, and the great opportunities this offers in terms of working together to support economic growth while safeguarding our planet.
"Harnessing investment opportunities of developing economies and other investors to major green infrastructure projects, such as those required for Scotland's enormous renewables capacity, can create real and not virtual wealth and support our green energy goals.
"New financial instruments supported work to exploit the North Sea's energy assets and Scotland's financial services sector is ideally placed to lead on innovations solutions to achieve our green energy ambitions.
"With our vast natural resources, we must become a green powerhouse and lead a transition to a sustainable, low carbon economy. And with world leading climate change targets, the Saltire Prize and an international reputation in science and research, the eyes of the world are on Scotland.
"Staging this major event in the capital demonstrates our commitment to Scotland's low carbon future. In the short term it will bring investors and innovators to Edinburgh and a welcome boost to the local economy. In the longer term it will support the Government's aim to attract major investment and jobs to Scotland's burgeoning energy industry."
Director of Arup Scotland, Brian Veitch, said:
"This is an excellent opportunity to promote Scotland as a centre for innovation and expertise in the low carbon arena. With our skills and experience in a diverse variety of low carbon projects, Arup is an enthusiastic partner for the project and through our worldwide network we can engage the international investment community across energy, infrastructure and the built environment to make this initiative a success."
Director of Energy and Low Carbon Technologies at Scottish Enterprise, Adrian Gillespie, said:
"New investment is vital to Scotland's future as a global hub of renewable energy. The Scottish Low Carbon Investment Project will establish valuable investment opportunities in Scotland as well as identifying and attracting Scottish and international investors.
"The scale of opportunity is vast as is the scale of investment required, so public and private partners must work together speedily to maximise the economic benefits for Scotland. The development of this joint initiative will further establish Scotland as an international role model in renewable energy and a centre of low carbon investment opportunities."
Ron Hewitt, Chief Executive of the Edinburgh Chamber of Commerce, said:
"Our future energy security needs are both a challenge and an opportunity. The First Minister's commitment to developing a vision for Scotland offers us the twin prospect of securing greater self sufficiency and also creating products and expertise of great export value."
The UK offshore wind generation market is valued at £100,000 million. The industry estimates that £3 billion of investment is required per GW installed.