Nicola Sturgeon has pledged £20 billion of investment, funded by the oil industry, if Scotland becomes independent.
The First Minister set out plans for an “independence investment fund” during her keynote speech at the SNP conference in Aberdeen on Monday.
Financed using “remaining” oil revenue, the cash would be spent in the first decade of independence if there is a second referendum.
Ms Sturgeon said: “A fund like this could support a massive programme to decarbonise housing, cut fuel bills and reduce fuel poverty.
“It could finance the building of thousands more affordable homes.”
In addition to the “building a new Scotland fund”, Ms Sturgeon also paid tribute to the North Sea energy sector.
Addressing party members at the end of the three-day conference, she spoke of the “duty” Scotland has to help oil and gas workers transition into low carbon jobs.
She also set out her ambition for the Granite City to become the nerve centre of global efforts to decarbonise the energy industry.
Ms Sturgeon said: “Aberdeen and the north-east is at the heart of our just transition to a net zero future.
“Since our late Queen, who extraordinary life of service we have honoured in recent weeks, switched on the Forties pipeline in 1975, oil and gas has powered the Scottish economy. Her late Majesty back then inaugurated the oil and gas age.
“As we move now, in so many ways, into a new era we have a duty to repay all those who work in that industry. A duty to support them into new jobs in green energy; an opportunity to usher in the new age of Scottish renewables.
“Aberdeen is the oil and gas capital of Europe. Let us resolve today to now make it the net zero capital of the world.”
Ms Sturgeon stopped short of declaring her support for future oil and gas production, something of a divisive issue within the SNP currently.
She has previously indicated her opposition to new North Sea supplies, especially around COP26 after striking a pact with the Scottish Greens last year.
Others within her party have been more supportive of the sector, highlighting the role oil and gas will have to play for decades to come.
Following the launch of a new North Sea licensing round last week, the First said the move away from fossil fuels to renewable energy needs to “accelerate”.
She also reiterated her backing for Scotland to make the move towards renewable energy, but said it must be done in “fair and just way”.
As part of her strategy for revamping Aberdeen, Ms Sturgeon used her speech to announce a first tranche of cash from the the Scottish Government’s flagship Just Transition Fund.
A total of 22 projects across the north-east and Moray have been picked to receive a share of over £50 million.
Among the beneficiaries are the Energy Transition Zone, Net Zero Technology Centre and Robert Gordon University.
The cash from the fund, which is investing £500m over a decade, is aimed at supporting the region’s transition away from fossil fuels.
John McDonald, chief executive of skills body OPITO, one of the successful recipients, said: “With UK offshore energy jobs forecast to grow to more than 211,000 by 2030, it’s vital we prepare and empower a diverse, agile and adaptable workforce, nurturing the skills we need in oil and gas, offshore wind, carbon capture and storage, and hydrogen.
“With a third of the UK offshore energy workforce based in Scotland, this is both a challenge, and opportunity for Scotland to be a leader in the energy transition. Supporting workers to get the training they need to transition from one sector of the offshore energy industry to another is essential.
“This critical funding will help deliver the Energy Skills Passport, a digital solution that will transform how offshore energy workers transition between sectors, while also meeting the commitments of the North Sea Transition Deal and several of the Scottish Government’s Just Transition Outcomes.”
