Swinney raises concern over Acorn funding change

Climate · First reported 30 Oct, 15:48 · Updated 15:58

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

John Swinney says changing the proposed £200 million grant for the Acorn carbon capture project to loans or an equity stake creates uncertainty. A separate report says the funding mechanism was changed in the Chancellor’s Budget.

The Acorn project in Aberdeenshire had been due to receive £200 million in UK Government grant funding; the reported change would make the amount available as loans or an equity stake instead.
John Swinney said the changed funding mechanism creates more risk and uncertainty and described the project as central to climate action and Scotland’s reindustrialisation.
The Irish News report says the project’s funding mechanism was changed in the Chancellor’s Budget that week.

Summary written by Lux AI from 2 articles

Key facts

Project: Acorn carbon capture and storage project in Aberdeenshire
Funding amount: £200 million
Reported funding options: Loans or an equity stake instead of grant funding
Swinney’s stated concern: He said the change creates more risk and uncertainty