A major new report says the North East is set for more growth than any other region in the country thanks to thousands of Net Zero jobs.

It is predicted that our economy will grow by 6.5% as 365,000 new jobs are created nationally by 2050 - worth £35bn to UK GVA by 2050. Most of those will be in the production of electric vehicles, electrical equipment and science and technology design and R&D.

The regional economies of Yorkshire and the West Midlands would see similarly large increases as a percentage of their current value – 4% - as would the North West and South West at 3.5%.  London’s economy is set to grow the most in absolute terms (£3.94bn).  

Teesside has become the national centre of the Net Zero efforts - with Net Zero Teesside, part of the East Coast Cluster, set to receive a share of the £1billion Carbon Capture and Storage (CCS) Infrastructure fund to create the country’s first decarbonised industrial cluster in the region.

Read more: Government chooses Teesside to lead green energy revolution

  The Market Spotlight report estimates that the sectors will create 107,000 new jobs in 2021 – an increase of 40% on 2013 - but just under half (47%) of these roles are London, the South East or East Anglia.  

  The report also offered a more cautious analysis of the total economic potential of the country’s 2050 Net Zero transition than government estimates, projecting 1m new roles over the next three decades compared to 2m by 2030.  

But the report's author says there is still plenty that needs to be done for regions like the North East to level up the opportunities.

Chris Oglesby, executive chair at Bruntwood SciTech who published the Market Spotlight report, said: “The science and tech industries feed off a highly skilled workforce with a greater proportion of degree level or above qualifications than other sectors in the economy. It is here that we need to do more to enhance the strength of the UK’s regions, which are home to world class academic and clinical institutions, and to improve access to the sector through apprenticeship opportunities.   

  “This is already happening in pockets, but our research suggests that we can clearly do more. We hope that the government recognises the critical role the science and technology sector have to play in supporting the ‘Levelling Up’ of the economy in its long-awaited strategy.   

  “It needs to back the regions with more infrastructure, increased access to seed capital and other sources of business funding and grant them greater powers to create place-based innovation strategies, which are needed to help them capitalise on the unique economic dynamism of science and technology.” 

 

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