Chamber and committees

Moving on to the potential for carbon capture, utilisation and storage, we hope to get an announcement from the budget—who knows? However, the Net Zero, Energy and Transport Committee that I also sit on produced a report expressing cross-party concerns about Acorn being on the reserve list when, clearly, that project going ahead in Grangemouth will unlock so much in this area. What is Scottish Enterprise’s specific role currently, and what will it be if we can get that movement and investment for Acorn to go ahead?

Does the Scottish National Investment Bank have an interest in the Acorn project? Where do you see your position? Is it that, between the private investment from Ineos and others and Scottish Enterprise, you may not need to be in that space?

What is striking is that Grangemouth could fit all three missions: place, innovation and net zero. Being ambitious about what could happen, the opportunity for the people and the community of Grangemouth to benefit from hydrogen heating or transport and so on is quite striking. Are you actively involved in looking at that, and would that be an ideal fit?

I am not saying that you have to commit your money, resources and decision making just now, but does that look as though it could be a potential fit for the National Investment Bank where there are not other investments to come? Is there even an opportunity for you to crowd in the private investments that would be interested in what would be very innovative work in this area?

Yes. Convener, that would be welcome.

My final question is for the Scottish National Investment Bank. Clearly, you have your missions, and you have a responsibility to all of Scotland. We know that Grangemouth is particularly strategically important and will be in the future. How do you balance the spread of investment so that you serve all of Scotland but are strategic about where to invest? Who does that, how do you do that and how do you do it in balance with Scottish Enterprise and other agencies?

Okay. Can you share with us your understanding of the scale of the impact of the Acorn project, once it is approved? We are hopeful. It is delayed, but it will be welcome if it is announced. What will the impact be not just for Grangemouth but for the rest of Scotland, and will that put Grangemouth in the pilot position for the massive movement into that space, particularly for hydrogen production?

The bank’s patient capital approach lends itself to technologies that are not there yet but will be needed at some point in the future. When it comes to carbon capture, utilisation and storage, hydrogen and the existing companies in the Grangemouth area that could, as you suggested, provide new products and services, does that provide the potential for your investment to meet all your different missions?

Is “mission hat trick” an official Scottish National Investment Bank term?

How the rest of business in Grangemouth can be part of this may be something that we will explore separately.

There are a lot of overlapping policy initiatives affecting the Grangemouth area and the transition. We have the Falkirk growth deal, the Firth of Forth green freeport, the UK Government’s levelling up investments and, as we just heard, the upcoming just transition plan. How does Scottish Enterprise specifically engage with all those different policy initiatives to steer what it can add value to?

That is critical because place-based also means existing businesses; it is not all about new businesses.

What we have heard to date—we heard it specifically last week—is that it is not just the future industries that have an interest in a just transition in Grangemouth but the rest of the business sector. Where do they get a voice if they are not on the future industry board?