How climate change is rapidly changing Scotland's economic fortunes

The wheels of change are turning. According to new figures, the generation of the UK’s electricity supply resulted in the lowest-ever level of carbon emissions in 2024.

The rate of transformation has been dramatic, with electricity from fossil fuels reducing by half to a record low and renewables doubling to a record high over the last decade, according to the respected climate and energy website Carbon Brief. The carbon dioxide emissions from each kilowatt hour of electricity have now fallen from 419 grams in 2014 to just 124g.

Meanwhile, the World Meteorological Organisation has said that 2024 is set to be the warmest on record. In his New Year message, United Nations Secretary-General António Guterres warned: “The top ten hottest years on record have happened in the last ten years, including 2024. This is climate breakdown – in real time. We must exit this road to ruin – and we have no time to lose.”

The steady progress of climate change poses a threat but also acts as a guide to the future of the economy (Picture: Brook Mitchell) | Getty Images

The mighty west wind

This may sound daunting but, in addition to posing a clear threat, the steady progress of climate change acts as a useful guide to the future. It should be obvious to all that we are heading towards a world in which renewables and low-carbon forms of electricity generation like nuclear replace fossil fuels as the main source of energy.

This is a problem for the oil and gas industry but it also represents an economic opportunity for Scotland, thanks largely to the mighty west wind that blows off the Atlantic. As we have said repeatedly and will continue to say, Scotland has a real chance to produce an offshore wind energy industry of global significance.

A global race

In order to do so, we need both the Scottish and UK governments to work together to create the right environment for private businesses in this sector to thrive and also to persuade oil and gas companies to diversify into renewables more quickly. In this, Labour’s publicly owned GB Energy company seems like a step in the right direction.

However, the longer we delay, the greater the chance we will find we've been left behind in what is a global race and that the future belongs to countries with more foresighted leaders.