Green light for LED plan
A nationwide programme of converting to greener street lighting will be brought forward by the Scottish Government to be considered for Green Investment Bank (GIB) funding.
The plan is one of a number of energy efficiency programmes being looked at that could be rolled out across the Scottish Government’s and other large public sector estates.
The GIB is already actively considering more than £500 million worth of Scottish low carbon projects across the public and private sector. Work is on-going to assess to what extent the UK GIB will invest in these projects and what structures can support this investment.
Speaking at a Green Investment Bank conference in Edinburgh today, Rural Affairs and Environment Secretary Richard Lochhead said:
“By working closely with the GIB, converting Scotland’s street lighting to LED is a programme the Scottish Government has identified which would be ideal for potential GIB funding. Payback time is estimated at around seven to nine years, which is an outstanding spend to save case based on energy savings of as much as 40 to 60 per cent. It is an excellent example of how investing in low carbon projects can have long term savings as well as helping to protect the environment.
“Projects like this are important as indicative analysis by the Scottish Futures Trust indicates that an investment of £350 million in low carbon measures - across the Scottish public estate - could lead to potential cost reductions in the region of £900 million.
“The GIB is already actively looking at projects in excess of £500 million and I have no doubt it will not be long until there is a significant Scottish GIB investment announcement.
“Scotland is already an international destination of choice for low carbon investment as well as being a global leader in tackling climate change. So there really is no better place for green investment.”