economic_benefits

Why Teesside?

 

 

Teesside Collective would stimulate substantial economic benefit in Teesside, wider Tees Valley and the UK

 

Our industries remain strategically significant, providing the materials our economy needs to prosper – the metals, chemicals, plastics and gases needed for the products we use in our daily lives. Tees Valley chemicals and process industries contribute £2.5 billion to the UK economy each year. There are more than 1,400 companies directly involved or in the supply chain of these industries in the North East, together employing 190,000 people.

Teesside’s concentration of industrial emitters at the coastline, with access to potential storage sites under the North Sea, mean the area is industrially and geographically suited to be the starting place for large-scale industrial decarbonisation in the UK.

The project would:

  • Future-proof local industries from the rising costs of emitting CO₂; thus maintaining a competitive edge over international rivals
  • Bring about substantial growth in Teesside’s process industry workforce from the current 12,000
  • Turn Teesside into a magnet for inward investment from international firms seeking to reduce their exposure to future CO₂ prices
  • Help Teesside’s process industry to continue to make an essential contribution to the UK economy, as a strong element of the UK’s Industrial Strategy
  • Be a template for similar networks elsewhere in the UK, based around what will be new, exportable expertise in Industrial CCS
  • Be a national industrial asset, putting the UK at the forefront of the global drive to decouple growth from emissions