Decarbonisation blueprint seeks backing to unlock £15bn of private investment

The Humber Energy Board (HEB) wants the Government to help unlock £15bn worth of private funding to decarbonise the region and transform its economy.

The HEB, which comprises the region’s leading energy businesses with support from key public sector organisations and academic institutions, has published a report – “Delivering the Vision”.

It provides a new roadmap for the decarbonisation of the Humber and outlines the Government support required to deliver it.

Delivering the Vision argues that with the right policies in place over £15bn of private money could be invested on both banks of the Humber estuary, supporting the Government’s missions of growing the economy, developing a clean power 2030 energy system and creating over 20,000 jobs.

The HEB has launched the report ahead of the Budget on 30 October, where key decisions are expected to be made on funding and policy support for decarbonising the UK.

The Humber is currently the country’s most carbon intensive region.

Richard Gwilliam, chair of the Humber Energy Board, said: “Businesses across the Humber are ready to invest over £15bn in decarbonisation projects that will drive growth, protect energy security, create tens of thousands of jobs and slash our carbon emissions.

“In ‘Delivering the Vision’ we set out the policy support needed to unlock this investment, including the creation of a regional CCS network, new hydrogen markets and power grid upgrades.

“Following recent support for CCUS in Teesside and the North West, we urge the Chancellor to listen to our recommendations and fulfil the promise of her party conference speech to make CCS jobs in the Humber a reality.

“This will ensure the region can continue to power Britain and help deliver the country’s carbon reduction targets.

“We believe the transformation and decarbonisation of the Humber is essential to delivering the economy of the future and the UK’s ambitious climate targets, but time is ticking.

“Unless there is urgent action from the UK Government, we could see businesses take their money elsewhere, prioritising investments overseas rather than in this key geography for UK energy security.”

The support the HEB wants to see the Government deliver includes:

• Creating a largescale carbon transport and storage network for the region
• Accelerating development of new hydrogen markets
• Prioritising new grid connectivity

 Melanie Onn, MP for Great Grimsby and Cleethorpes, said: “The Humber Energy Board has a clear plan to support the delivery of the Government’s missions of growth and clean power.

“With £15bn worth of private sector funds ready to invest, and tens of thousands of future job opportunities for our region, making progress on the delivery of a carbon capture pipeline in the Humber is the first step towards unlocking the potential of this industrial heartland, and ensuring decarbonisation does not mean deindustrialisation for our communities.”

Paul Fursey, lead executive UK & general manager Humber Refinery at Phillips 66 and HEB member, added: “This report sets out a clear roadmap for a thriving, lower-carbon industrial cluster which can be effectively delivered if we have the necessary support from Government.

“Our investment in lower-carbon technologies will not only act as an anchor for future carbon capture pipelines but attract significant investment to the region.

“This will also foster the development and innovation of new technologies for hard-to-decarbonise sectors, such as sustainable aviation fuel.”