The project in Aberdeenshire was due to receive £200 million in grant funding from Westminster but Chancellor John Healey changed the commitment to mean the UK Government would offer the same amount in loans or receive an equity stake in the project.
asserted
Government → receive → project
The SNP has described the move as a “betrayal”, while First Minister John Swinney said he was “deeply concerned”.
asserted
he → describe → betrayal
According to the Office for Budget Responsibility, the UK is forecast to raise £5.1 billion in revenue from oil and gas production in 2026-27.
uncertain
UK → accord → 2026
However, the forecast includes the Rosebank oil field and future discoveries, which have not been approved.
asserted
which → include → field
Ministers previously gave the green light to the Jackdaw field but are yet to make a decision on the much bigger Rosebank project.
asserted
Ministers → give → project
Dave Doogan, the SNP’s Westminster leader, said North Sea tax receipts should be used to fund the Acorn project.
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receipts → say → project
He said: “The UK Labour Government has banked revenue from Scotland’s resources while at the same time defunding our principal carbon capture project.
asserted
Government → say → project
“Every single penny from our oil and gas should be invested in Scotland and the starting point is the Acorn site in Peterhead.
asserted
point → invest → Peterhead
“Westminster has robbed our trillion pound future from us and this week they repeated the trick – £5 billion syphoned off for investments in England while taking a sledgehammer to Scotland’s industrial future.
asserted
they → rob → future
“This is a simple injustice known all too well to Scots – our energy robbed, hidden and squandered by Westminster while Scottish jobs are ruined while our energy bills go through the roof.
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bills → know → roof
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“Through a fresh start with independence we will choose to put the 80% of UK oil and gas production and the one third of UK renewable generation in our own hands – Scotland’s hands.”
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we → read → hands
Acorn, which could support about 15,000 jobs at its peak, proposes storing emissions from across Scotland under the seabed of the North Sea.
uncertain
which → support → Sea
The UK Government said the Chancellor’s changes will only affect future funding.
asserted
changes → say → funding
A spokesperson said: “We recognise Acorn’s role in supporting good, well-paid jobs and reindustrialisation in Scotland.
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We → say → Scotland
“Acorn will continue to receive its existing grant funding until the end of the year.
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Acorn → continue → year
Future support will be through loans or equity stakes that need to see the taxpayer receive a return.
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taxpayer → need → return
“An equity style investment would also allow for a closer partnership between the government and Acorn, allowing us to drive a better outcome for taxpayers and the project.”
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us → allow → taxpayers
On Sunday, UK Government energy minister Martin McCluskey said it had been necessary to “reprioritise” budgets to prioritise investing in defence, but that the UK Government wanted to support the project.
asserted
Government → say → project
“We awarded £200 million in grant funding at the last spending review,” he said.
asserted
he → award → review
“Some of that has already been drawn down by the developers, and the money that they’ve already drawn down remains in place.
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they → draw → place
“Why are we doing that?
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we → do → that
We’re doing that for two reasons.
asserted
We → do → reasons
It means that perhaps we could choose to take a stake in that project, which would give a return to the taxpayer.
uncertain
which → mean → taxpayer
“But second, we’ve had to make some really difficult choices to reprioritise within budgets in order to fund the defence investment plan, which is obviously a priority for the Government.”
asserted
which → have → Government
Mr McCluskey said the UK Government has had to “reprioritise” carbon capture and storage programmes right across the UK, and that a number of programmes have actually been stopped, not just reprioritised in terms of loans and equities.
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number → say → loans
He added: “We are making sure that there is support there for the Acorn project.
asserted
We → add → project
“We want that project to succeed, and the developers who I’m speaking to later this week will come forward with proposals, and that funding is on the table.”
asserted
funding → want → table
The Aporia
