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Growing the economy
11/08/2008
Scotland must seize the opportunities offered by its world-class natural energy resources to realise its full economic potential despite current global challenges, Alex Salmond said today.
The First Minister was speaking at Duff House in Banff where he hosted a reception for representatives of Scotland's energy sector.
He said:
"While we are confident Scotland's economy is well placed to address the challenges presented by the current economic climate, the Scottish Government will do all we can to support key industries like the energy sector - which has the potential to make a significant contribution towards our goal of increased sustainable economic growth, despite international challenges.
"The value of our oil is an all time high, yet we have still to reap the full benefits of our natural resources.
"A Scottish Oil Fund - a concept supported by over 80 per cent of people in Scotland - can deliver direct and long term benefits. The Norwegian Oil Fund, for example, was only created in the mid-1990s, with relatively small initial payments, yet is now worth some £200 billion. With over half of the revenue from Scottish oil still to come, now is the time to develop a fund for future generations.
"We are making great strides in becoming a world leader in renewable energy and have the potential to generate 10 times Scotland's peak demand for electricity.
"In the last few weeks, we have announced a new biomass plant at Markinch, an extension to Crystal rig windfarm and the creation of Europe's largest windfarms in South Lanarkshire - an investment of around £800 million in wind and biomass.
"Earlier this year, we launched the largest ever single prize for marine renewable energy, the £10 million Saltire Prize. With the support of the National Geographic Society, we will pursue the most innovative ideas to maximise Scotland's full marine potential.
"These are just some of the achievements and developing opportunities for Scotland. It is the full energy mix which can give Scotland an economic and competitive advantage in spite of global economic pressures.
"The National Conversation offers us a chance to debate what kind of country Scotland can be, and the opportunities we can pursue. The energy sector, its future and prosperity is a key part of this debate and our vision for the future, and I would urge everyone to get involved and have their say."