£70m Circular Economy Investment Fund to boost Scotland economy
The First Minister of the Scottish Government Nicola Sturgeon has announced that the country is to invest £70 million into its circular economy strategy, including the creation of a New Centre of Excellence for Manufacturing.
The new initiative was announced by Sturgeon on February 15 at the headquarters of Glenhead Engineering, in Clydebank. Using the new £70m investment fund, the Scottish Government will work with Scottish manufacturers, government-sponsored enterprise agencies and Zero Waste Scotland to “stimulate innovation, productivity and investment”.
First Minister Sturgeon hopes that the New Centre of Excellence will be a centre of “continuous innovation”, where manufacturers, industry leaders, government officials, and educational organisations can congregate to discuss and develop new technologies, innovations and circular business models.
The Scottish manufacturing industry employs more than 185,000 skilled workers, who earn more than the national average, and is an important contributor to the Scottish economy, accounting for over half of the nation’s exports. First Minister Sturgeon wants the £70m circular economy investment fund to enable Scotland to remain “a sustainable and competitive place to do business”.
Iain Gulland, chief executive of Zero Waste Scotland, commented: “This new funding and support package will push boundaries in business innovation to develop circular models that will keep products in use for longer and ultimately save precious raw materials and resources.”
The announcement comes just weeks after the Scottish Government pledged £1.3m to the Scottish Institute of Remanufacture, which recycles the valuable metals found in unwanted electrical goods.
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