The low carbon and energy economy, already worth £1.2bn per annum to Greater Lincolnshire, holds exceptional potential offering an unprecedented level of private investment of £60bn over the next fifteen years.
Already employing over 12,000 people, there are major opportunities for growth in offshore wind as well as in the development of other low carbon goods and services. We will collaborate with our partner LEPs (Humber and New Anglia, both centres of offshore renewable excellence) to support delivery of this important activity.
The Humber Estuary is fundamentally connected with at least 25% of the UK’s energy production and the south bank of the Humber lies at the centre of an emerging offshore wind market, with the potential to create wholly new supply chains. It will become the biggest Enterprise Zone in the UK and will position the area as one of the major hubs for the renewables sector in the UK.
These developments will further unlock the economic potential of the Humber estuary, and help to stimulate growth in North Lincolnshire, North East Lincolnshire and Lincolnshire. Proposed developments such as the Humber Zero Carbon Capture Project and the Killingholme Marshes Drainage Scheme will significantly increase demand for skilled engineers to support both construction and manufacturing, requiring employers to up-skill their existing workforce to meet evolving industry training standards.
Grimsby is on course to hit almost 8GW of installed capacity in offshore wind in the coming years.
The recent proposal of the Race Bank Extension, which would double the size of Grimsby's largest off-shore wind farm and achieve a level that would meet the equivalent of London's peak demand, could place Grimsby responsible for well over a third of the 30GW envisaged for the UK by 2030.
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HIGHLIGHTS & KEY PROJECTS
- Grimsby is already the largest offshore and maintenance supply base in the UK responsible for managing over 1GW of deployed capacity.
- Reductions in construction costs and subsidies in recent years are unlocking significant opportunities for future growth.
- The ground-breaking Humber Zero Carbon Capture Project will capture and safely store up to 8 million tonnes of CO2 per annum by the late 2020s.
- Aspiration is now for 30GW deployed in Southern North Sea by 2030, with Grimsby managing at least 8-10 GW creating up to 2,000 jobs.
- Confirmed funding for the Killingholme Marshes Drainage Scheme in North Lincolnshire will allow for further development of the South Humber Bank and the Able Marine Energy Park, which is set to become a bespoke, world-leading facility to serve the needs of the burgeoning offshore renewable energy sectors.