The low carbon economy, already worth £1.2bn (i) 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 (ii) 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 will significantly increase demand for skilled engineers to support both construction and O&M and require 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, 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 and could place Grimsby responsible for well over a third of the 30GW envisaged for the UK by 2030.
- 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
- 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
Unless otherwise stated, all employment data is either BRES (Business Register and Employer Survey), ONS 2014, or is calculated using BRES + Cambridge Econometrics Local Economic Forecasting Model (LEFM) 2014.
GVA is based on ONS Gross Value Added data 2014, or ONS GVA + LEFM unless otherwise stated.
(i) £1.2bn GVA, 2014,
(ii) BRES 2014, Cambridge Econometrics LEFN 2014