Swinney urges investors to be on ‘ground floor of the next marvel of our age’

Scotland’s First Minister has urged investors to be on the “ground floor” of a boom in renewables, which he described as the “next marvel of our age”.

John Swinney spoke at the Global Offshore Wind Investment Forum in Edinburgh on Monday, where he urged firms to back the country’s renewables sector as it enters its “golden age”.

Likening the current environment in renewables to that of coal at the turn of the 20th century, the First Minister said: “The opportunities and the prosperity is found in being on the ground floor of those great changes.

“History has shown us again and again that success is choosing the right time and the right place to capitalise on the next innovation of the era – the golden age of renewables is here.”

Scotland, the First Minister said, was “uniquely placed” to capitalise on the renewables boom.

“And you are uniquely placed to lead on the ground floor of this, the next marvel of our age.”

Speaking to the PA news agency after addressing investors, Mr Swinney said: “Scotland’s made huge progress and has reaped the rewards of very significant investment in the renewable energy industry.”

The First Minister pointed to offshore wind projects such as Seagreen off the coast of Angus and two projects off the coast of Moray, adding: “Now we are gathering together today investment interests from around the world who can support us in realising that opportunity in Scotland.

“So we’ve achieved a great deal on the investment journey so far.

“There’s much more to be achieved and the Scottish Government has taken the practical steps to make that happen.”

But as the world looks poised to shift back to fossil fuels, led by the Trump administration in the United States, the First Minister said there was “no denying” the impact of climate change at the need to move away from oil and gas.

“It’s absolutely crystal clear the severity of the challenge that we face on climate change,” he said.

“I think investors looking at the long term circumstances that face our communities and our society, will see that climate action is an absolute necessity, which will therefore drive investment decisions.”