Report outlines Scottish National Investment Bank’s role in delivering clean and affordable heating

The Scottish National Investment Bank (SNIB) has a key strategic role to play in helping to provide low carbon heating systems in Scotland.

A new article titled ‘Scotland’s transition to net zero heat‘ published today sets out the bank’s role in addressing this issue and builds on commitments made under the Scottish Government’s Heat in Buildings strategy.

The decarbonization of heat and buildings remains one of the most important and difficult challenges in the transition to a green economy.

With over 80% of Scottish homes dependent on town gas, heating and cooling the country’s buildings contributes over a fifth of total greenhouse gas emissions.

Willie Watt, Chairman of the Scottish National Investment Bank, said: “The report shows that the Bank has specific roles to play in helping people and businesses access cleaner, greener heat and energy. and more affordable.

“We have clear actions to take and look forward to developing our plans and exploring ways in which the public and private sectors can work together to accelerate delivery of Scotland’s climate targets.”

As Scotland strives to achieve ambitious climate change commitments, including to cut greenhouse gas emissions from homes and buildings by more than two-thirds by 2030, there will be many investment opportunities in heat decarbonization projects.

It will also be necessary for the public and private sectors to work together to develop business cases and de-risk projects that are commercially viable. At the heart of the new report are the six areas in which the Bank has identified a role for itself.

These areas cover issues specific to Scotland, such as tackling low energy efficiency in buildings across the country, as well as finding ways to fund the installation of low-carbon heat sources.

Supporting the development of new technologies and new businesses needed to upgrade these properties is an area where the Bank could have a role to play.

The bank is already investing in net zero heat in Scotland and is looking to collaborate between the private and public sectors to support government and industry.

Beyond investments, the bank can work with social landlords and others to develop net-zero heating solutions, as well as partnerships with financial institutions to help individuals spread the cost of home improvements over the long term. .

The recent spike in gas, coal and electricity prices has impacted households and businesses, demonstrating the importance of reducing dependence on fossil fuels and investing in low-emission heating solutions. carbon.

The bank believes Scotland has an opportunity to address long-standing issues of low energy efficiency and high levels of fuel poverty through the transition to low-carbon heating, and support should be conditional resources to ensure that financial and practical assistance is provided. to those who need it most.

Willie Watt added: “Wherever it can, the Scottish National Investment Bank will work with policymakers, businesses, the financial sector, researchers and others working on net zero heat to develop understanding of how our collective impact can be maximized.