A coalition of maritime industry leaders is calling on the Scottish Government to overhaul its public investment framework to capture Scotland’s share of a global clean shipping market estimated to be worth up to $2 trillion.
The coalition — comprising Strategic Direction Maritime, Smart Green Shipping, ZEM Fuel Systems and G-Nrgy — has published a report, Shipping Scotland’s Expertise to the World, setting out a series of recommendations for streamlining Scotland’s funding pathway and accelerating growth for firms with proven technologies for cutting international maritime emissions.
A trillion-dollar market Scotland could lead
International shipping accounts for approximately 3% of global greenhouse gas emissions, creating urgent demand for clean energy alternatives. The Global Maritime Forum estimates the resulting market opportunity at $1–2 trillion across a global fleet of more than 109,000 ships. Wind propulsion alone is projected to represent a $40 billion market by 2034 — a sector where Scotland’s existing capabilities in renewable energy, oil and gas, and high-value manufacturing position it well to compete.
The coalition argues, however, that Scotland risks losing its most promising maritime innovators overseas unless public funding conditions are reformed. As Di Gilpin, Founder and CEO of Smart Green Shipping, put it: “Without the right funding conditions in place, promising maritime companies are forced to commercialise overseas or go bust. This means the Scottish taxpayer doesn’t see return on early-stage investment. We need an ambitious and joined-up funding ecosystem that enables more early-stage R&D investment to grow and thrive here in Scotland.”
The Selected Stars Programme
Central to the coalition’s proposals is a revised public investment framework named the ‘Selected Stars Programme’ — a reference to the 58 stars historically used by maritime navigators to set course at sea. The programme would identify SMEs with demonstrated commercial viability, particularly in capital-intensive sectors like climate deeptech, and provide them with a joined-up investment pathway across stages as they prepare to commercialise.
Damiano Bonaccorso, Senior Technology and Commercial Officer at ZEM Fuel Systems, explained the rationale: “Selected Stars matters because it focuses on companies that are close to market, technically proven and capable of delivering near-term impact — rather than asking climate deeptech to align with outdated venture capital models. Crucially, we’re not asking for government to take on more risk or provide new capital. These practical adjustments instead offer a clearer pathway with better support for promising companies at the stages where they need it most.”
Closing the scale-up funding gap
Alongside the Selected Stars Programme, the coalition’s report sets out a broader series of recommendations for Scotland’s public investors:
- Providing working capital and development expenditure to close deeptech commercial contracts and build private investor confidence
- Positioning the Scottish Government as a cornerstone investor, unlocking growth capital from other private investors who cannot lead
- Establishing clear funding continuity through a joined-up, end-to-end investment pathway which avoids the cycle of repeated fundraising that is inhibiting some of Scotland’s most innovative companies
- Building sector-specific maritime expertise to improve investment decision-making through education within government and financial institutions
Patrick Carnie, Consultant at Strategic Direction Maritime and Roundtable Chairman, highlighted the stakes: “Scotland’s maritime innovation is world-class, but without patient, risk-tolerant capital, promising start-ups will stall at the quayside — never reaching the scale the world’s maritime sector demands.”
Built on international evidence
The report draws on public funding models from countries that have successfully grown their maritime industries, including Norway and Finland. George Karsten Irvine, CEO of G-Nrgy, said: “While there is widespread recognition of the challenges that growing firms in our sector face, there is less recognition about how to solve them. These proposals are informed by real-world models in countries like Norway and Finland that have successfully grown their maritime industries. They offer both government and public investment bodies a solid foundation from which we hope to build with them collaboratively.”
The report follows a cross-sector roundtable convened last autumn by Glasgow-based Smart Green Shipping and hosted by marine services company Malin at its headquarters on the banks of the Clyde. The roundtable brought together representatives from industry, government, public investment, and academia to explore solutions to Scotland’s current scale-up gap.
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A second roundtable will be convened in July, hosted by Scottish Enterprise, to discuss further ideas for collaboration and outline next steps with public funding bodies and government.
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