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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 18 July 2025
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Displaying 1524 contributions

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Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Yes. Convener, that would be welcome.

My final question is for the Scottish National Investment Bank. Clearly, you have your missions, and you have a responsibility to all of Scotland. We know that Grangemouth is particularly strategically important and will be in the future. How do you balance the spread of investment so that you serve all of Scotland but are strategic about where to invest? Who does that, how do you do that and how do you do it in balance with Scottish Enterprise and other agencies?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

The bank’s patient capital approach lends itself to technologies that are not there yet but will be needed at some point in the future. When it comes to carbon capture, utilisation and storage, hydrogen and the existing companies in the Grangemouth area that could, as you suggested, provide new products and services, does that provide the potential for your investment to meet all your different missions?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Is “mission hat trick” an official Scottish National Investment Bank term?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Moving on to the potential for carbon capture, utilisation and storage, we hope to get an announcement from the budget—who knows? However, the Net Zero, Energy and Transport Committee that I also sit on produced a report expressing cross-party concerns about Acorn being on the reserve list when, clearly, that project going ahead in Grangemouth will unlock so much in this area. What is Scottish Enterprise’s specific role currently, and what will it be if we can get that movement and investment for Acorn to go ahead?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Does the Scottish National Investment Bank have an interest in the Acorn project? Where do you see your position? Is it that, between the private investment from Ineos and others and Scottish Enterprise, you may not need to be in that space?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

What is striking is that Grangemouth could fit all three missions: place, innovation and net zero. Being ambitious about what could happen, the opportunity for the people and the community of Grangemouth to benefit from hydrogen heating or transport and so on is quite striking. Are you actively involved in looking at that, and would that be an ideal fit?

I am not saying that you have to commit your money, resources and decision making just now, but does that look as though it could be a potential fit for the National Investment Bank where there are not other investments to come? Is there even an opportunity for you to crowd in the private investments that would be interested in what would be very innovative work in this area?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Okay. Scottish Enterprise’s focus on hydrogen is very welcome. I am very pleased to see that. To what extent are you focusing on trying to help existing businesses that could potentially be in the supply chain for what could happen in hydrogen? We know that, historically, Scottish Enterprise and Scottish Development International have had a focus on inward investment, which is understandable because of the innovation and the investments that have come from inward investment. Is that focus rebalancing so that you can help smaller companies, or maybe existing companies, pivot into potential supply chain development?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

Good morning and thank you for joining us. I want to follow up a wee bit on the Grangemouth future industry board. Is that the body that will produce the just transition plan—or the majority of its content—for Grangemouth?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

That helps us, because part of what we want to do is say what we think should be in a just transition plan for Grangemouth, and it will not always be about new businesses. That is why I will come back to Derek, if that is okay. [Interruption.] I apologise; it was my phone that went off. I was trying to google whether Celtic Renewables is a Scottish company or an Irish company, so it was my fault for causing the interruption. Can you tell me?

Economy and Fair Work Committee

Just Transition (Grangemouth Area)

Meeting date: 15 March 2023

Fiona Hyslop

I will turn to the Scottish National Investment Bank. Which, if any, of all those different policy initiatives are you directly involved in, or are you just monitoring them to look for opportunities?