A new report commissioned by Highlands and Islands Enterprise (HIE) has revealed that offshore wind projects in Scotland have the potential to attract up to £40 billion in investment, contributing significantly to the region’s economic future.
The study, which focuses on regional transformational opportunities (RTOs), identifies more than £100 billion in potential investment across various sectors, with renewable energy projects such as offshore and onshore wind, pumped storage hydro, green hydrogen, and marine energy accounting for around three-quarters of the total.
“Offshore wind accounted for £40bn, with over £13bn for pumped storage hydro, £10.9bn for onshore wind, £9.1bn for green hydrogen, and £2.9bn for marine energy,” the report notes.
The study, carried out by research specialists Ekosgen in partnership with the Highlands and Islands Regional Economic Partnership (HIREP), forecasts that these investments could create up to 16,000 jobs during the peak of construction and development, with 18,000 operational roles expected by 2040.
HIE chief executive Stuart Black highlighted the transformative potential of these opportunities. “It would be difficult to overstate the importance of this research and its implications for the role that this region has in Scotland’s economic future,” he said. “The Highlands and Islands will be the engine room for growth for the Scottish economy in the years ahead.”
The report, which will be discussed at the Convention of the Highlands and Islands meeting in Strathpeffer, underscores the region’s pivotal role in Scotland’s renewable energy ambitions, as well as the broader UK energy transition.
Black emphasized the importance of strategic planning and investment to ensure the long-term benefits of these projects, saying, “We must support businesses and communities to ensure these investments leave a long-term legacy.
