After the Confederation of British Industry released research suggesting net-zero related industries are contributing £10.2bn to the economy and account for more than 105,000 Scottish jobs, Thorntons’ energy industry advisers have highlighted the opportunity for supply chain businesses to diversify into construction and engineering projects supporting the energy transition.
Sarah Stuart, a construction partner in Thorntons’ Aberdeen office, also urged companies pivoting towards the transition to be aware of the complexity associated with unfamiliar risks.
Sarah Stuart said: “Incredible opportunities are emerging as firms diversify into civil engineering and infrastructure for the energy transition. It’s a highly complex landscape (which can vary between onshore and offshore projects) and companies face unfamiliar risks, from land access to how disputes are settled alongside tight margins and global volatility.
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“The energy transition will be built – literally – in concrete, steel, cable and pipe. In the North and North-east of Scotland there is a growing body of expertise in companies taking up those opportunities and diversifying from offshore work and more traditional construction into civils and engineering projects supporting the energy transition.
“Handling contractual complexity and cost volatility is still a concern for many businesses, however, with the right conditions and support, the transition can deliver real benefits, including new jobs and skills development.
