The investor panel provided its first-stage work to the Scottish Government in September, and it covers a wide range of findings and recommendations on how Scotland can attract mobile capital to support the just transition to net zero.

That piece of work also includes a recommendation that would involve additional costs but could result in Scotland’s profile being significantly raised in international capital markets through the use of existing devolved powers to issue debt. That would provide a motivation for regular engagement with investors and an opportunity to market Scotland’s investment story, and it would also allow the development of relationships with providers of debt, a track record and a credit rating. However, as I have stressed, the proposal has to meet the value-for-money test, which will be set out by the Scottish Government before we proceed.

The investor panel has produced a valuable piece of work, and I thank it for its efforts and the information that it has provided.