Private sector must be ‘lead player’ in building the North’s net zero economy

Decarbonising the North’s industrial sector can be largely funded by the private sector, according to a new report by business-led thinktank the Northern Powerhouse Partnership (NPP). The report builds on new analysis from Cambridge Econometrics which shows that industrial decarbonisation and reducing emissions from real estate are the sectors offering the highest potential private investment leverage overall. The report suggests that for every £1 of public money invested, at least £4 can be generated from the private sector, demonstrating the substantial economic benefits of these initiatives.

This analysis comes as South Yorkshire’s Mayor, Oliver Coppard announced the creation of SY Energy, a partnership with the private sector and academics that will maximise investment, jobs and supply chain development in the area’s leading clean-tech sector.

South Yorkshire has unique strengths in Small Modular Reactors, Hydrogen and Sustainable Aviation and is aiming to become the natural home for these emerging sectors. SY Energy will work to de-risk investment decisions for clean-tech businesses together with the South Yorkshire Mayoral Combined Authority who will help to attract talent and develop targeted skills programme. Businesses will also be supported to grow and build links with other regions and businesses in the UK and across the world.

Across the North, private funding that can be attracted to industrial decarbonisation includes £15bn across the Humber for bioenergy initiatives with £2bn specifically allocated for carbon capture and storage (BECCS) technology at Drax power station in Selby. This is alongside £5bn towards HyNet’s hydrogen clusters on the Mersey as well as separate further investment on the Tees.

For the overall net zero economy, it is projected that at least £2.65 could be leveraged for every £1 of public money. This includes a greener transport system and renewables such as offshore wind and nuclear energy. The lowest leverage estimated is in land use.

On a project-by-project basis, areas funded by the new wealth fund will need to achieve a leverage ratio of 1:3 ratio, meaning £3 of private investment for every £1 of public funding. NPP also supports the use of Treasury Guarantees by the bank to invest pension fund monies. This would require no up-front government help, making it easier to exceed the leverage ratio and maximise investment impact.

This new report builds on the Northern Powerhouse Independent Economic Review Scenario, which showed investing in net zero could deliver £23bn more in GVA and over 168,000 additional jobs to the Northern economy. Crucially, this would deliver a much-needed boost to the North’s historically sluggish productivity equal to £1,500 per worker.

The report also warns that the North of England, which produces nearly half of the UK’s electricity, and is home to half the country’s most carbon-intensive clusters, is uniquely vulnerable to a botched transition to net zero. The Humber alone represents 40% of the UK’s industrial emissions.

Instead of offshoring our emissions to reach net zero targets artificially, we need a decarbonisation strategy to protect workers in key industries such as steel. In Scunthorpe the future of two blast furnaces were jeopardised by a failure to deliver a carbon capture pipeline sooner, and the North can’t risk similar mistakes in the future.

The report’s other recommendations include:

1. GB Energy to deliver the UK’s first orders for a fleet of small modular reactors (SMRs)
2. Develop our offshore wind and tidal supply chain
3. Push ahead with carbon capture use and storage (CCUS) on the Mersey, Tees and Humber
4. Retrofit domestic and commercial buildings with heat pumps manufactured here
5. Electrify the railways and produce SAF for the aviation sector

Henri Murison, Chief Executive of the Northern Powerhouse Partnership, said:

“The private sector needs to be the lead player in decarbonising our economy and investing in emerging green sectors.

“Billions in private investment is ready to flood into the North’s net zero economy.

“The North of England bore the brunt of the UK’s last rapid de-industrialisation – which took place without a plan to protect workers – which is why we need to stop artificially reducing emissions by moving our heavy industries overseas.

“With the right plan, delivered well, we could use the net zero transition to drive our region’s economy and close the North-South divide for good.”

South Yorkshire Mayor, Oliver Coppard, said:

“South Yorkshire is already home to the largest clean-tech cluster in the UK and at the forefront of nuclear tech, hydrogen and sustainable aviation fuels. We’re leading the way on Small Modular Reactors, with Rols Royce SMR recently selecting South Yorkshire as the home of their new, multi-million pound, SMR facility.

“SY Energy will build on these strengths and make our region the natural home of clean-tech businesses, both nationally and internationally. We’ll do this by bringing the sector together to maximise investment, jobs and supply chain development

“SY Energy will support businesses, working collaboratively to increase manufacturing capacity and capabilities of local supply chains through attracting talent and improving local skills provision. It will also support businesses to grow and expand and help build links across the industry nationally and internationally

“As the report from the Northern Powerhouse Partnership makes clear, the transition to net-zero can be accelerated and help us create bigger and better local economies – if we work together to unlock the potential of the private sector.”

Tracy Brabin, Mayor of West Yorkshire, said:

“Here in West Yorkshire, we’ve invested over £200 million in green projects, working with partners to deliver warmer homes, greener businesses and better public transport options. But to truly deliver at scale and at speed, we must now work in lockstep with the new government and the private sector, to empower our green sectors and revolutionise our region.

“By partnering with businesses and industry, we’ll create a greener, more secure region for future generations”.

Steve Rotheram, Mayor of the Liverpool City Region, said:

“As the UK’s Renewable Energy Coast, the Liverpool City Region has an enormous role to play in developing the net zero economic and driving national growth.

“Our Mersey Tidal Power scheme is the largest tidal energy project in the world, capable of powering up to 1 million homes for more than 120 years. Working hand in hand with national government and the private sector, we can deliver on Great British Energy’s promise to make Britain a clean energy superpower.

“For too long in our history, the North has been left behind when it comes to national investment in infrastructure and innovation. From our green jobs and skills plan and work to develop pioneering projects like HyNet and Glass Futures, I’m confident that we will be front and centre in the Green Industrial Revolution.”

Mark Burton, Lloyds Baking Group Ambassador for Yorkshire, said:

“In the North of England, we are at a critical juncture in advancing our Net Zero economy. Northern businesses have consistently led in innovation and progress, and their steadfast commitment to sustainability not only drives economic growth but also ensures environmental stewardship.

At Lloyds Banking Group, we are proud to support this ambitious strategy, fostering collaboration with businesses and communities to unlock private sector investment and generate sustainable growth. By investment and generate sustainable growth. By investing in emerging sectors like small modular reactors, hydrogen, and sustainable aviation fuels, and supporting key supporting initiatives such as carbon capture and storage and retrofitting buildings, we can transform challenges into opportunities.

“Together with government and industry partners, we are set to build a resilient, sustainable Northern Powerhouse that is not only sustainable but prosperous for generations to come”.

Rolls-Royce SMR’s Government and Corporate Affairs Director, Alastair Evans, said:

“This report demonstrates how infrastructure projects can successfully ‘crowd-in’ investment – a model we have used to establish and grow the Rolls-Royce SMR business.

“Our future domestic growth will be spurred by our success in the Great British Nuclear small modular reactor (SMR) selection process, with an announcement on successful technologies expected before the end of the year. Our success in this selection will unlock enormous potential for investment in the north and beyond.

“Rolls-Royce SMR already has its headquarters and regional office in the North West and recently announced an investment of up to £15+ million in a module development facility in Sheffield, so is already heavily committed to building the North’s net zero economy.”

Read the full summary and analytical reports below

Net zero summary report

Net zero analytical report

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Rolls-Royce SMR is setting up a multi-million pound facility in Sheffield, UK, to manufacture and test prototype modules for its small modular reactors (SMRs).

The Rolls-Royce SMR Module Development Facility – housed within University of Sheffield’s Advanced Manufacturing Research Centre’s existing Factory 2050 facilities – will produce working prototypes of the individual modules that will be assembled into Rolls-Royce SMR power plants.

The first phase, announced today, is worth £2.7 million and will be part of a wider £15+ million package of work that will further de-risk and underpin the Rolls-Royce SMR programme. The modular approach is unique within the nuclear industry but is widely used and well proven across the oil and gas and renewables sectors.

The Rolls-Royce SMR is UK’s first home-grown nuclear technology for over a generation and today’s announcement is another vital step towards deploying a fleet of ‘factory-built’ nuclear power plants in the UK and around the globe.

Victoria Scott, Rolls-Royce SMR’s Chief Manufacturing Engineer, said: “Our investment in setting up this facility and building prototype modules is another significant milestone for our business.

“Our factories will produce hundreds of prefabricated and pre-tested modules ready for assembly on site. This facility will allow us to refine our production, testing and digital approach to manufacturing – helping de-risk our programme and ensure we increase our delivery certainty.”

Secretary of State for Energy Security and Net Zero, Claire Coutinho, said: “Small Modular Reactors are the future of nuclear technology, and key to quadrupling the UK’s nuclear capacity by 2050 as part of the biggest expansion in 70 years.

“This multi-million-pound SMR manufacturing facility will be fantastic for Sheffield – making the Steel City once again the home to world-leading industry.”

Professor Koen Lamberts, President and Vice-Chancellor of the University of Sheffield, said: “We are very proud that Rolls-Royce SMR has chosen to base its Module Development Facility at our Advanced Manufacturing Research Centre’s Factory 2050.

“Today’s announcement is a testament to the University’s strengths in clean energy research and innovation, and our unrivalled expertise in developing leading-edge manufacturing techniques. We welcome this significant commitment from Rolls-Royce SMR to our ongoing partnership and the South Yorkshire region.” 

South Yorkshire’s Mayor, Oliver Coppard, said: “This announcement cements South Yorkshire’s position as the leading place to build small modular reactors, a cutting-edge technology which will be a key part of the global transition to clean energy.  It is also a sign of real confidence in our region’s world-leading advanced manufacturing innovation district which is helping us to create a bigger and better economy in South Yorkshire.   

“South Yorkshire is proud to be the home of the largest Clean Tech cluster in the UK, with specialisms in nuclear tech, hydrogen and aviation fuels. Being chosen as the home of the new Rolls-Royce SMR Module Development Facility further enhances our region’s reputation as the best place for Clean Tech in the UK and puts us at the forefront of creating a greener future for the UK and beyond.”

Rolls-Royce SMR offers a radically different approach to delivering new nuclear power based on proven technology. Each of the factory-built nuclear power stations will provide enough low-carbon electricity to power a million homes for more than 60 years.

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Rolls-Royce SMR, supported by the Nuclear Decommissioning Authority (NDA), has successfully completed a siting assessment review into the potential options for deploying Rolls-Royce SMR power stations.

The study is another important step in deploying a fleet of small modular reactors (SMRs) that could help ensure the UK can reach net zero and bolster the country’s energy security.

This is the first phase in a programme of work which is considering siting, collaboration opportunities and the socio-economic benefits of deploying Rolls-Royce SMR units on land within the NDA estate – with other locations across the UK also being evaluated.

The work is consistent with NDA’s mission to clean up the UK’s earliest nuclear sites safely, securely and cost-effectively to release them for other uses – with the aim of benefiting local communities and the environment.

It follows the announcement earlier this year from the Department for Business, Energy and Industrial Strategy (BEIS) that the NDA would work alongside interested parties, including Rolls-Royce SMR, to enable engagement on potential future nuclear developments on its sites.

Within the NDA estate, there is land with the potential to host the UK’s next generation of nuclear power stations. The study has identified a range of sites that could host several GW of new, low-carbon power from Rolls-Royce SMRs with four NDA sites prioritised.

Of these, Rolls-Royce SMR has identified four potential land parcels – two are within the control of the NDA (land at Trawsfynydd and land neighbouring the Sellafield site) with two others on NDA land leased to a third party (Wylfa and Oldbury).

Any formal commitment of NDA land, or other support, would require government approval via NDA’s sponsoring department, BEIS.

Rolls-Royce SMR matched the sites against a set of assessment criteria that will enable stations to be operational by the early 2030s, including: existing geotechnical data, adequate grid connection and a site large enough to deploy multiple SMRs.

Each Rolls-Royce SMR would create enough clean energy to power a million homes for 60 years. Deploying a fleet of SMR in the UK would create 40,000 jobs across England and Wales.

Tom Samson, Chief Executive Officer of Rolls-Royce SMR, said: “I am tremendously grateful to David Peattie and the NDA team for their work in helping inform our understanding of the significant opportunity to bring new nuclear power back to nuclear communities across England and Wales.

“Identifying the sites that can host our SMRs is a key step to our efficient deployment – the sooner that work can begin at site, the sooner we can deliver stable, secure supplies of low-carbon nuclear power from SMRs designed and built in the UK.”

“We must maintain this positive momentum and work with the NDA and Government departments, to ensure we capitalise on the range of siting options, focusing on those that maximise benefit to the taxpayer while enabling power to come online as close to 2030 as possible” added Tom.

David Peattie, Chief Executive Officer of the Nuclear Decommissioning Authority, said: “This study is a tangible step forward in our mission to safely decommission our sites and free up land for future use, delivering benefit to local communities and so to the wider economy.

“We’re engaging with several potential partners to explore the use of land in our estate whilst utilising the NDA’s nuclear sector expertise to support the delivery of the UK Government’s energy security strategy.”

Minister of State for Climate, Graham Stuart, said: “This work to identify potential sites for the first generation of small modular reactors is a positive step. These places not only have a strong historical connection with the industry, but also communities with the skills to benefit from the well-paid jobs that could be created.

“SMRs could make an important contribution to our ambition to deploy up to 24GW of nuclear capacity by 2050, lowering energy costs for consumers, and helping us meet net zero.”

The UK has a range of siting options for new nuclear infrastructure and the flexibility and smaller footprint of the Rolls-Royce SMR mean that maximum benefit can be derived for the taxpayer by building on sites that are owned by the NDA.

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Plans to build the world’s largest carbon capture facility at Drax power station in North Yorkshire could soon get the green light from government, in what would be a huge boost for the green industrial revolution for the north of England.

A few weeks ago Whitehall launched a consultation on potential business models for biomass energy fitted with carbon capture technology (BECCS) – a process which takes CO₂ emissions from the atmosphere that are produced by burning the fuel.

If development consent is approved and with the right support from government, BECCS at Drax Power Station in North Yorkshire could permanently remove 8 million tonnes of carbon dioxide a year from 2030.  

Drax already supports  6,600 supply chain jobs in the north, generating around £700m a year for the region’s economy and that will increase significantly when work begins on its BECCS initiative – with 10,000 jobs supported at the project’s peak.

Drax aims to source 80% of the services and materials for the project from British businesses. 

It recently signed an agreement with British Steel to explore opportunities to source steel needed for its BECCS project from British Steel’s Scunthorpe and Teesside plants. 

The company plans to invest £2bn in the 2020s in its plans to develop two bioenergy with carbon capture and storage (BECCS) units, creating and supporting thousands of jobs in the North and enabling the UK to lead the world in a vital new technology needed to address the climate crisis.

Work to build BECCS at Drax could start as soon as 2024 and once operational the two units combined will capture at least 8 million tonnes of CO₂ per year, making it the largest carbon capture and storage project in power in the world.

Bruce Heppenstall, Drax Plant Director, said: “As someone who lives and works here in Yorkshire, I am incredibly excited about the opportunities BECCS at Drax could bring to communities across the North – this will be the world’s biggest carbon capture in power project, and it will be transformative for the region’s economy.

“Drax is ready to invest £2bn in the project and work to build BECCS could get underway as soon as 2024, creating and supporting around 10,000 jobs at peak construction, helping to kickstart a whole new sector of the economy. 

“BECCS is going to play a vital part in the UK’s long-term energy security as well as the country’s climate targets. It is the only technology which can deliver reliable, renewable electricity, whilst also removing carbon dioxide from the atmosphere.”

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Our vice-chair Professor Juergen Maier CBE has joined forces with northern mayors Andy Burnham, Tracy Brabin, Dan Jarvis and Jamie Driscoll to state the case for a green Industrial Revolution in the north, with the aim of creating jobs, reducing energy bills and tackling climate change.

Gas prices have quadrupled in the past year, while the cost of renewables gets cheaper by the day.

Last week, we held a series of discussions with our sponsor EY, metro mayors, businesses and academics on how the north could lead the way to net zero.

In Liverpool, that means building and selling the UK’s renewable energy coast – HyNet and a tidal barrage in Merseyside. In Leeds, we talked about the importance of green skills and the Mayor’s plans to tackle this with a Green Jobs Taskforce. In Greater Manchester, we discussed the challenges and opportunities of retrofitting buildings to make them more energy efficient, as well as the new green technologies being developed by northern businesses.

Go big, go early
The best way to de-risk the net zero transition for investors is to go big. Over time, this will make technologies more cost effective.

We’re currently in a global race to develop these industries. The sooner we build up our innovation capabilities, grow the supply chain and create jobs in these sectors, the sooner we can become internationally competitive and start exporting to the rest of the world.

Levelling Up

Net zero goes hand in hand with levelling up. According to analysis from IPPR North, more than 46,000 jobs could be created in the net zero transition by 2030 in the north alone. More than half the country’s renewable energy is produced here.

In Selby, Drax has converted a huge power station from coal to biomass, securing thousands of high-skilled jobs. They’re also investing millions into carbon capture and storage technology, which provides negative emissions by taking carbon dioxide out of the atmosphere.

In Hull, Siemens Gamesa is doubling the size of its factory where they make blades for wind turbines, creating 200 more jobs.

In Sheffield, investment in hydrogen and small modular reactors nuclear energy is translating into highly-skilled, well-paid jobs at Forgemasters.

Places like the Humber – which accounts for 40% of Britain’s total industrial emissions – are most at risk of a botched green transition, with thousands of jobs on the line should we pull the plug on investment.

Connecting the dots
We need a collaborative, co-ordinated approach to reach our net zero ambition, including:

• Upskilling and reskilling the northern workforce in new green sectors
  
• Setting regulatory frameworks 
  
• Building our supply chains to ensure we maximise the economic benefits of decarbonisation for the UK
  
• Securing long-term funding to provide security to investors
  
• Translating our world-leading research into development through collaboration between universities and businesses

Chris Skidmore, Conservative MP for Kingswood and Chair of the Net Zero Support Group, said: “Just as the North led the first Industrial Revolution, it is the North that will benefit the most from the ongoing Green Industrial revolution. Tens of thousands of new jobs have already been created across renewable industries that have found a strong reliable base and dedicated local workforce in our former coalfield and industrial communities.

“I established the Net Zero Support Group of Conservative MPs because I have always been struck how so many of the benefits of net zero – jobs, inward investment, new skills, creating warmer homes – are never even mentioned, yet it is households in the North that will benefit the most. 

“Northern MPs and those Conservatives in Red Wall seats understand this, and many have joined the group to demonstrate their support for the green investment that is taking place in their seats. 

“We need secure, homegrown energy supplies that are manufactured by British workers in the North. Local communities in the North are ahead of the game in knowing that their future lies in looking to the future, and not backwards to a fossil fuel powered past.”

Featured image The Burbo Bank Offshore Wind Farm in the Mersey Estuary. Credit: Christopher Furlong/Getty Images

Read the full statement below.

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• The North of England attracted almost a third (29%) of the UK’s Foreign Direct Investment (FDI) backed cleantech projects in 2020.
• The North West and North East each attracted a 7% market share of UK cleantech projects, totalling four projects apiece.
• Yorkshire and the Humber attracted nine projects, equalling a 15% market share of all projects.
• EY’s latest findings are published ahead of the Government’s Global Investment Summit, which takes place on Tuesday 19 October

The North attracted 17 Foreign Direct Investment (FDI) backed clean technology projects in 2020, according to new analysis by EY.

The North West and the North East both attracted four FDI-backed cleantech projects in 2020 which equalled a 7% share of UK cleantech projects for each region.

Yorkshire and the Humber attracted a total of nine Foreign Direct Investment (FDI) backed cleantech projects in 2020 equalling a 15% market share of all UK projects, behind London (11) and Scotland (11). Yorkshire and the Humber’s performance means the region features in 9^th place in the Top-10 European regions for 2020 cleantech project numbers, with London and Scotland joint 7^th. Within the region, Grimsby and Scarborough attracted two projects each – the most for individual cities behind only London and Aberdeen (four).

In total, the North attracted almost a third (29%) of all UK cleantech projects.

Cleantech projects were deemed to be those which involved investment in energy transition, biodiversity, sustainability or the pursuit of Net Zero targets – such as investments in wind turbine manufacture, electric vehicle charging point roll-outs or the expansion of green-focused companies. The research has been published ahead of the Government’s Global Investment Summit, taking place in London today.

UK-wide Picture

Overall, the UK was Europe’s second most popular location for Foreign Direct Investment (FDI) backed clean technology projects in 2020 attracting 59 cleantech projects in 2020 – 17.1% of all such European projects, and behind only Germany’s 67 projects (19.4% of the European cleantech market).

Cleantech accounted for 6.1% of all UK FDI-supported projects in 2020, in line with the equivalent European figure of 6.2% – 346 cleantech projects out of a total of 5,578. Overall, the UK (975 projects) held a 17.5% share of all types of European FDI-backed projects in 2020.

With 11 projects, London was Europe’s single biggest city for cleantech project numbers in 2020.

Alison Kay, EY UK&I Managing Partner for Client Service, says: “The UK is in an encouraging place on green investment, with cleantech project numbers keeping pace with the UK’s overall FDI performance.

“The UK is also performing better on cleantech than perceptions might imply – our regular UK Attractiveness Survey has shown that while investor support for UK cleantech has grown significantly in recent years, Europe is still more likely to be perceived as a leader in this area. With scope to improve investor perceptions, the UK has a solid foundation from which to accelerate its cleantech performance. The Government has the opportunity to set out how it will do this with its forthcoming Net Zero Strategy.

“UK cleantech acceleration is vital. This is a priority area for investors and the UK may struggle to meet its climate commitments without coordinated cleantech investment. Crucially, our research also suggests cleantech investment can help level-up the UK economy.”

Cleantech investment is intertwined with the levelling-up agenda

London and Scotland were the UK’s joint-most important locations for FDI-backed cleantech projects in 2020, equivalent to 19% of all UK cleantech projects apiece. This performance is in stark contrast to the picture for all FDI projects in the UK last year: in 2020, London was the country’s clear overall FDI leader with a 48.5% share of the UK market, followed by Scotland on 11%. After Yorkshire and the Humber, the South East (six projects and 10% of the market) and the West Midlands (five projects and 8% of the market) round out the top five UK regions and countries for cleantech.

Notably, UK cleantech projects are dispersed across a wide number of city locations, with only London and Aberdeen (four) attracting more than two projects. Together with Grimsby, and Scarborough, Birmingham and Coventry also attracted two projects each, while 46 other cities and towns were home to single projects.

Alison Kay comments: “Cleantech is fundamental to the levelling up agenda, with projects spread across the country far more evenly than the overall mix of overseas investment into the UK. This is driven by the importance of key cleantech activities and sectors – such as manufacturing and utilities – to places outside the capital where, by contrast, investment tends to be dominated by the digital sector. Investment in cleantech means investment in the UK’s industrial heartlands.

“In June, we said that holistic, targeted initiatives were needed to attract FDI in priority areas of the UK. Innovative research and digital technology, levelling-up the UK economy, and cleantech can all form the core of a strategy to build back stronger after COVID-19. These latest numbers underscore the importance of cleantech to such a strategy.”

Manufacturing dominates cleantech activity in Europe and the UK

Manufacturing is the largest generator of cleantech activity in Europe, representing 36% (124 projects) of the total market. The next most common activities were sales and marketing (59 projects, 17% of the market), and research and development (49 projects, 14% of the market).

In the UK, manufacturing was also the dominant activity, with a slightly smaller 27% share of all cleantech FDI projects (16 projects). Notably, manufacturing’s cleantech performance is much-improved relative to its 11.5% share of the overall UK market for FDI-backed projects. Business services (12 projects, 21% of the market), logistics (nine projects, 15% of the market) and research and development (nine projects, 15% of the market) were the other key UK cleantech activities in 2020.

Across Europe, cleantech investment is centred in the utility supply sector (60 projects, 18% of the market), the machinery and equipment sector (34 projects, 10% of the market), and the electronics sector (32 projects, 9% of the market). In the UK, 20% of projects (12) were in the utility supply sector, followed by 15% (nine) in the machinery and equipment sector.

Peter Arnold, an EY UK Economic Advisory Partner, says: “While manufacturing is the key cleantech activity for both Europe and the UK, its bigger share of the European market is notable. In the long term, the key challenge for the UK will be to ensure it is a location for designing and building clean technology, not just deploying it.

“The UK’s strong performance on research and development, revealed in our summer UK Attractiveness Survey, will be a key tool to utilise. Investors also tell us that cleantech investment can be supported by policy and regulatory certainty as well as support to develop green supply chains.

“We’ve revisited our annual UK Attractiveness Survey to analyse these preliminary cleantech data points to try and understand the current landscape and to get a better perspective on the extent of the challenge facing economies looking to transition to a sustainable future.”

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