A fresh economic vision is emerging for the coastal town of Peterhead, Aberdeenshire, as a new report projects the creation of 8,000 jobs over the next decade tied to a £1 billion investment in energy transition projects. As reported by The Herald Scotland, this ambitious plan centres on carbon capture, offshore wind farms, and infrastructure enhancements at the Port of Peterhead, with the potential to inject £626 million into the local economy by 2035.
Energy Transition as a Lever for Economic Revitalisation
The push towards renewable energy and carbon capture in Peterhead is anchored by high-profile projects such as the Acorn carbon capture and storage facility, the proposed SSE Thermal carbon capture power station, and a suite of offshore wind farms. These ventures collectively position the town as a linchpin in Scotland’s energy future.
Backing the initiative, MP Seamus Logan highlighted the alignment between local capabilities and national energy ambitions:
“Through investment, strategic partnerships, and ongoing community engagement, Peterhead is positioning itself as a forward-thinking coastal town, ready to seize future opportunities and enhance the well-being of all who live and work there.”
“Peterhead is a prime location for energy sector investment. With its existing strong, diverse skill set and supply chain capability, the area is clearly ready for the journey of growth and transformation.”
These comments reflect confidence in the town’s readiness to serve as a hub for innovation, underpinned by both human capital and logistical assets.
Infrastructure Upgrades to Unlock Industrial Potential
The expansion of the Port of Peterhead is a key component of the transition. The port, already a centre of maritime commerce and fishing, will undergo upgrades to support energy logistics and attract new industrial traffic. Keith Mackie, Head of Business Development – Energy Transition for Peterhead Port Authority, underlined the port’s strategic value:
“Peterhead is at the forefront of the energy transition in Scotland, and its unique physical and human geography mean it is poised to be the focal point for a wealth of transformative and innovative projects in the coming years.”
“We are pleased to present this Vision document to showcase our strengths to the investment and business communities as well as government bodies and the general public.”
The port’s role could be critical in integrating offshore energy infrastructure with onshore industry, potentially multiplying the economic returns projected by the report.
A Contested Vision of Sustainability
Despite the enthusiasm, the initiative faces pushback, especially from environmental advocates sceptical about the viability and integrity of carbon capture technology. The Acorn project, supported by a £200 million UK government grant, is at the centre of this debate. Critics question its climate efficacy and economic fairness.
Rosie Hampton, oil and gas campaigns manager for Friends of the Earth Scotland, issued a stark warning:
“Acorn will never produce the climate results or jobs figures that its lobbyists claim. The companies benefiting from the £200m public handout for Acorn are Shell and Harbour Energy who have cut hundreds of jobs and scrapped climate commitments in recent months.”
“Public ownership of a renewable energy system could ensure that the benefits of the transition are shared fairly with the people of the North East rather than being gobbled up by shareholders and bosses of huge companies.”
“Politicians should be delivering investment in real climate solutions like warm homes, good public transport and manufacturing of wind turbines all of which will create jobs and improve lives, rather than just creating profits for an elite few.”
These criticisms raise broader questions about ownership, equity, and the real-world outcomes of green investment strategies, particularly when multinational corporations are involved.
