Institute Director Professor Mairi Spowage talks to Netti Farkas Mills (Senior Insight Manager, Energy, Resources & Industrials, Deloitte UK), Gavin Hood (Deloitte UK Renewable M&A Team Lead), and Sandy MacDonald (Head of Impact, Scottish National Investment Bank) to unpack the findings of Deloitte’s Financing the Energy Transition Survey and what they mean for investors and policymakers.
The discussion explores what’s really driving—and slowing—the UK and Scotland’s energy transition, including why confidence in long-term goals can sit alongside uncertainty about hitting nearer-term milestones. The panel highlights what would unlock faster investment: a stronger pipeline of investable projects, quicker planning and consenting, and major upgrades to grid connections and enabling infrastructure such as ports. They also examine risk and return expectations, the realities of a just transition for skills and jobs (including in places like Aberdeen), and the evolving role of public capital in crowding in private investment—before closing with signs of momentum and what needs to happen next to turn ambition into delivery.
This episode is the latest in a series partnering Deloitte with the Fraser of Allander Institute. In this series expect lively debate, expert insights, and thought-provoking discussions that will reshape the conversation around Scottish economic growth. Culminating in a landmark event in March 2026, this collaboration will unveil ground-breaking insights and provide a platform for action. This Scottish-focused initiative builds upon Deloitte’s UK-wide Growth 35 programme, painting a bold vision for a thriving UK economy by 2035.
(00:00) – Welcome + what we’re covering (survey + energy transition investment)
(04:20) – SNIB explained: mission-led impact investing + how they operate
(09:47) – Survey headlines: opportunity vs uncertainty (2030/2050 confidence gap)
(12:27) – Risk, returns, and what’s investable (mature tech, “comparable returns”)
(17:44) – What’s blocking progress: grid, planning/consenting, enabling infrastructure
(28:30) – Scotland context + role of public capital (reserved powers, NWF/GB Energy, crowding-in)(40:31) – Momentum signals + what needs to happen next
(47:42) – Closing + wrap-up and links
See the full transcript here.
Authors
Mairi is the Director of the Fraser of Allander Institute. Previously, she was the Deputy Chief Executive of the Scottish Fiscal Commission and the Head of National Accounts at the Scottish Government and has over a decade of experience working in different areas of statistics and analysis.
Netti Farkas-Mills
Netti is a Senior Insight Manager for Energy, Resources & Industrials in the UK. Netti writes thought leadership reports and leads research projects on a wide range of energy-related topics including energy transition, hydrogen and nuclear. Her reports are based on surveys and interviews with senior executives. She regularly delivers presentations on key research findings.
Gavin Hood
Gavin leads Deloitte UK’s Renewable M&A team, with over 25 years M&A experience. He has advised on a wide range of M&A transactions, including renewable energy, business industrial & tech services. He has extensive experience advising on acquisitions, fundraisings, disposals, management buy-outs, refinancings, valuation, strategic and exit reviews.
Sandy MacDonald
Sandy MacDonald is Executive Director, Head of Impact at Scottish National Investment Bank, tasked with ensuring they deliver the impact aspect of their missions as a development bank.