EDINBURGH, Scotland, June 20 (UPI) -- The Scottish government said the economic returns of renewable energy investments were emerging, adding another $2.1 million would go toward wind.
Scottish Energy Minister Paul Wheelhouse said more than 300 jobs would come from the construction of the new Beatrice wind farm slated for the country's coast.
"Innovation in renewables also continues to contribute to the excellent progress we are making on reducing greenhouse gas emissions after the recent announcement that Scotland has exceeded our 2020 target to reduce greenhouse gas emissions by 42 percent six years early," he said in a statement.
The government awarded $2.1 million toward an accelerator program meant to facilitate research and design for further offshore wind development. Among the strategies included in the new investment are potential development of floating offshore wind installations and international collaboration on new programs with efficiency in mind.
Scotland pegged its future during a 2014 bid for independence on revenue from oil and gas reserves in the North Sea. Had it passed, an independent Scotland would've drawn on revenue from the oil and gas sector to fuel the economy while generating electricity from renewable resources.
A report from the World Bank finds that while Scottish investments in oil and gas are down, capital flowing toward renewables is at record highs.
Scottish gross domestic product grew 0.1 percent during the third quarter of 2015.