Born in 1946 and brought up in Cupar, Fife, I was educated at the local school - 
Stewart Stevenson MSP has welcomed calls for future oil and gas tax revenues to be ring fenced in a Net Zero Fund to boost the transition to a net zero economy. SNP MPs have argued that at least £1 billion of those revenues should be dedicated to helping provide jobs and investment for areas, such as the North-east of Scotland, where the local economy has been driven by oil and gas production.
With clear commitments from the Scottish Government to move to net zero climate emissions by 2045 and a challenge to UK parties to match that ambition, investing the tax revenues from oil and gas in low carbon energy, transport, infrastructure and jobs, could form a major part of the transition to a zero carbon society – as we move away from reliance on oil and gas.
The Office for Budget Responsibility projects that over the next five years oil and gas revenues will be worth £8.5 billion – all of which should be ring fenced to support long term investments in tackling the climate crisis.
The SNP have argued that at least £1 billion of the fund should be set aside to support a just transition for areas like the North-east where the oil and gas industry is a major employer.
Banffshire and Buchan Coast MSP, Stewart Stevenson, said:
“We must do everything in our power to tackle the climate crisis and Scotland has set the most ambitious legal targets in the world.
“But we also have to ensure that areas like the North-east of Scotland, where the economy has been built on the oil and gas industry, are supported to make the transition to new low or no carbon industries.
“The North-east is already playing a major part in Scotland’s renewables revolution, by ring-fencing the current tax revenues from oil and gas in a Net-Zero Fund and investing in a just transition we can deliver real benefits to these communities and to our environment.
“The SNP has long argued that revenues from oil and gas should be invested for the long term, rather than fund day to day spending. Westminster failed to set up an oil fund, where Norway’s is now worth $1 trillion and is investing hugely in the low carbon economy. We should seize the opportunity to ensure we do not waste future revenues in the same way.
“We need to take urgent action to diversify our transport and energy sources, and to speed that up, tax revenues from oil and gas should be invested directly in the transition.”
“But we also have to ensure that areas like the North-east of Scotland, where the economy has been built on the oil and gas industry, are supported to make the transition to new low or no carbon industries.
“The North-east is already playing a major part in Scotland’s renewables revolution, by ring-fencing the current tax revenues from oil and gas in a Net-Zero Fund and investing in a just transition we can deliver real benefits to these communities and to our environment.
“The SNP has long argued that revenues from oil and gas should be invested for the long term, rather than fund day to day spending. Westminster failed to set up an oil fund, where Norway’s is now worth $1 trillion and is investing hugely in the low carbon economy. We should seize the opportunity to ensure we do not waste future revenues in the same way.
“We need to take urgent action to diversify our transport and energy sources, and to speed that up, tax revenues from oil and gas should be invested directly in the transition.”
