Alex Salmond has announced plans for an energy fund worth up to £30 billion over a generation in an independent Scotland.

The First Minister, in a speech to the London School of Economics last night, claimed earmarking a 10th of North Sea oil and gas revenues of about £1bn a year would help secure the income over a 20-year period.

He said an independent Scotland could be "reindustrialised" by the energy sector and claimed the country would now have assets worth up to £117bn if it had gained full fiscal control in 1979.

Mr Salmond said: "Under independence we would make the best use of our unparalleled energy resources.

"We have 25% of Europe's tidal power potential, 25% of its offshore wind potential and 10% of its wave power potential – not bad for a nation with less than 1% of Europe's population."

He added: "The debate about independence is about looking forward and creating a better future for Scotland. With that future in mind, we still have an opportunity to establish an energy fund to benefit future generations.

"Even just £1bn a year – less than 10% – invested over 20 years, would create a fund for Scotland worth almost £30bn."

However, Labour MSP Ken Macintosh rubbished the plans.

He said: "The SNP's argument about what did and didn't happen 30 years ago doesn't speak to the reality of the choice today. Basing our entire economy on a single commodity that is volatile in price and finite in supply is a step backwards for Scotland."

But Mr Salmond cited research by think-tank Reform Scotland to back up his argument.

He said: "Reform Scotland estimates that as a result of our renewable electricity target Scotland would export half the electricity generated by 2020 - increasing Scottish exports by £2bn a year, equivalent to around 17% of Scottish manufacturing exports to the rest of the UK. And while renewables will be the source of Scotland's reindustrialisation, in value terms there is at least as much oil and gas still to come out as has already been used - at least 40 years of oil and gas reserves."

The speech came after Mr Salmond said he had a "positive" meeting with Bank of England Governor Sir Mervyn King discussing measures to boost growth and jobs.