Invest for the future: Sustainable Wealth Fund
The Scottish and/or UK Government should explore, develop and implement new funds to ensure a share of revenues from the transition to renewables are invested for climate action both in the near – and longer-terms, including examination of proposals for a Sustainable Wealth Fund or Future Generations Fund.
The Royal Scottish Geographical Society has suggested the creation of a Sustainable Wealth Fund or Future Generations Fund in Scotland, mirroring the $1trillion fund in Norway generated from oil revenues. Tax revenues from renewables could flow into this Scottish fund, and then be used to support climate action now and for future generations.
Fossil fuel heavy industries – oil, aviation, cement, etc – would be challenged to “kick-start” the fund with voluntary contributions in the short term. These contributions could also be generated through one-off or on-going fiscal measures, although the latter could tempt the government to resist phasing out fossil fuel industries.
For further information:
- A Sustainable Wealth Fund to Fuel Transition, Royal Scottish Geographical Society, 2019, https:// www.rsgs.org/blogs/rsgs-blog/a-sustainable-wealth-fund-to-fuel-transition
- Financing Climate Justice, https://www.stopclimatechaos.scot/wp-content/uploads/2022/09/ FinancingClimateJustice_Report_ONLINE.pdf