Scaling up: One of the clearest messages from the inquiry was that it is the bigger projects that attract the bigger investors and that, in a country the size of Scotland, competing globally for major investment, Councils must work together to bundle up projects of a similar character so as to create fewer and bigger investment opportunities.xviOfficial Report, NZET Committee, 25 Jan 2022, cols 44 and 48-49 (Phoenix Group and abrdn); 7 May 2022, col 9 (Existing Homes Alliance); 21 June 2022, col 20 (Green Finance Institute) Even the biggest Local Authorities agreed on this.xviiOfficial Report, NZET Committee, 11 Jan 2022, col 18-19 (City of Glasgow Council); The Cabinet Secretary for Net Zero, Energy and Transport explained that one of the purposes of the green investment portfolio was to help achieve this scaling up of municipal-level projects.xviiiOfficial Report, NZET Committee, 27 sept 2022, cols 15-16
Investment certainty is inseparable from policy certainty: we heard that it is pipelines of relatively guaranteed work, as opposed to one-off projects, that most attract investors.xixOfficial Report, NZET Committee, 25 Jan 2022 (CBI Scotland), 21 June 2022, col 29 (Green Finance Institute) There is some work Councils can do on this, but we also heard that leadership and clear policy signalling from government in key areas will be even more crucial in building long-term confidence.xxOfficial Report, NZET Committee, 25 January 2022, col 42-43 (Phoenix Group); An example given was again on heat in buildings, where stakeholders said that the Scottish Government must now urgently build on its strategy with a more specific delivery plan, clarifying who does what and what additional powers and resources will be available; to local government and others.xxiOfficial Report, NZET Committee, 18 Jan 2022, col 19 (Sustainable Scotland Network); 25 Jan 2022, col 20 (Federation of Small Businesses)
More specialist financial expertise is needed: stakeholders doubted that local government had sufficient people with the necessary skills and the right contacts...