Lloyds Banking Group, one of the UK’s leading financial services groups, is joining forces with the North East Mayor and other partners to form a dedicated taskforce set to bring billions into the region’s economy and create thousands of jobs.
Announced at the UKREiiF conference in Leeds, a new North East Ports Investment Taskforce will bring together public and private partners to boost the region’s already thriving offshore and clean energy sector by creating new investment and financing plans to drive growth – including across primary quayside sites to support offshore wind development.
The taskforce will support the Mayor’s £140m Green Jobs Plan to create 25,000 new green energy jobs by 2035. It will be made up of key players in the sector including the North East Mayoral Strategic Authority (North East MSA), Government including the Office for Investment (OFI), Lloyds Banking Group, National Wealth Fund, The Crown Estate, and the region’s ports (Port of Blyth, Port of Tyne, Port of Sunderland and Newcastle International Airport with Shepherd Offshore Ltd).
North East Mayor Kim McGuinness, said:
“At a time when energy demands are high and energy security is at the front of our minds, North East England is ready for a green jobs boom – with companies set to invest billions creating more jobs, more offshore wind investment and ultimately more opportunities for our people and businesses.
“We aim to see 25,000 new jobs created by 2035 because we know the potential for growth is huge so now is the time to grasp this opportunity with both hands. There will be something like 460 new turbines going up just off our coast and banks and energy firms want to invest billions in North East England’s ports and supply chains across the North East which means new jobs that will last for local people.”
Reflecting the scale of opportunity, North East Ports and major landowners have already invested significantly into their quayside facilities, whilst the North East MSA also approved a £19.5m fund in March, unlocking £220m of additional infrastructure investment.
In March, The Crown Estate set out plans to open up around six gigawatts of new offshore wind capacity off the North East coast. The new leasing round is expected to get underway in the first part of next year, and is predicted to support the creation of up to 10,000 jobs nationally and a potential economic boost to the UK of over £12 billion – acting as a vital springboard for investment into facilities for the construction, deployment and maintenance of the new turbines.
Today’s announcement builds upon Mayor Kim and the OFI’s partnership with Lloyds Banking Group announced this time last year. This joint collaboration hosted an Invest North East: Energy & Innovation Summit in January, attracting over 300 government, finance and business leaders where Lloyds Banking Group announced £1bn of new finance available to businesses across the North East this year, helping firms of all sizes to invest, scale and compete as the region positions itself at the forefront of the UK’s green energy transition. This forms part of Lloyds Banking Group’s plan to make over £35 billion of new finance available to companies operating and investing in the UK in 2026.
Charlie Nunn, Group Chief Executive of Lloyds Banking Group said:
“The energy coast in the North East of England is a strategic national asset – powering tomorrow’s industries and the UK’s clean energy future.
“As one of the UK’s leading banks for infrastructure and project finance, we’re working closely with the North East MSA and OFI to enable greater innovation, job creation and sustainable growth. The new North East Ports Investment Taskforce will bring together private and public partners to accelerate investment into critical infrastructure, and we’re proud to be part of it.”
Chief Executive of The Crown Estate, Dan Labbad, said:
“Over the last 25 years, offshore wind has become one of the UK’s great industrial success stories. The next chapter must be about ensuring that success offshore creates lasting value for the communities and businesses closest to it. The North East, Humber and wider east coast are central to that opportunity.
“We welcome the focus Lloyds Banking Group and the North East Mayoral Strategic Authority are bringing to accelerating infrastructure investment in support of Round 6, and look forward to working through the task group with the UK Government, public finance institutions, combined authorities, ports and other partners to build a coordinated investment proposition that can unlock jobs, supply chain growth and long-term economic value across the east coast.”
Over the past 25 years, the North East has been at the forefront of offshore and sub-sea manufacturing, innovation, delivery and operations in the UK and globally – and it’s a critical sector to grow to meet ambitions in the Mayor’s Plan for Green Jobs and Government’s Industrial Strategy.
The taskforce will directly take forward ambitions in the North East Local Growth Plan to bring forward primary quayside sites for offshore wind, aligning with recommendations in the 10 Year Vision and Strategy for North East England Offshore Wind, developed in partnership with Energi Coast and Tees Valley Combined Authority.