By Ben Kerrigan-
At least 30,000 new jobs will be created around the UK, courtesy of the £9.7 billion of new foreign investment due to be announced by the Prime Minister at the Global Investment Summit today.
The package of 18 deals will support growth in vital sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage, cementing the UK’s climate leadership for COP26 and beyond.
The Department for International Trade is launching a new Investment Atlas- an online platform designed to help international investors identify and execute high priority investment opportunities in England, Scotland, Wales and Northern Ireland.
The Atlas will highlight 53 strategic investment opportunities across the UK, each with a strong sustainability element aligned with the key themes set out in the Prime Minister’s 10-point plan.
Offshore wind substructures in Scotland and manufacturing ports in Teesside and Humber are among its new projects, including sustainable food systems delivery in Telford and net zero transport in Coventry.
The Prime Minister will open the Summit today in London alongside International Trade Secretary Anne-Marie Trevelyan. He will also take part in a panel discussion with Bill Gates on the global energy transition and role of the private sector in tackling climate change.
Prime Minister Boris Johnson said:
”The world’s top investors have seen the massive potential in the UK for growth and innovation in the industries of the future. The fantastic £9.7 billion of new investment we have secured today will power our economic recovery, creating thousands of jobs and helping to level up across the country.
This is just the start. We will see new partnerships for green growth forged at today’s Global Investment Summit, as we look ahead to COP26 and beyond.
International Trade Secretary Anne-Marie Trevelyan said:
”The UK is the best investment destination in the world and our Investment Atlas will help to drive more investment into green industries across the UK, and make it easier for businesses to make decisions on where and what to invest in.
These investment deals announced today will create jobs, boost the economy, spread prosperity and level up the country as we build back better and greener.
As part of the new investment committed today, electric utility company Iberdrola have confirmed their intent to invest £6 billion in the East Anglia Hub through Scottish Power, subject to securing planning consent and a Contract for Difference. This will be Iberdrola’s biggest offshore wind development anywhere in the world and would supply enough green energy to power 2.7 million British homes, while creating 7,000 jobs.
Iberdrola’s Chairman, Ignacio Galán said:
”We share the ambition of the Prime Minister’s Ten Point Plan and, following the stable and predictable UK framework, we are committed to playing our part. Our £6bn investment in the East Anglia Hub would be a significant step to achieving enough offshore wind to power every UK home by 2030.
Global logistics firm Prologis intends to invest £1.5bn over the next three years to develop net zero carbon warehouses across London, the South-East and Midlands, supporting around 14,000 new jobs.
Hamid Moghadam, CEO of Prologis Inc, said:
We believe private sector innovation has, and will continue to play, a major role in overcoming the environmental challenges the world faces today. Prologis is proud to contribute to the UK’s economic growth by continuing to invest in environmentally responsible logistics parks that help strengthen local economies and support sustainable, local employment.
The £9.7bn announced today comes on top of the £5.8bn already committed for sustainable projects since the PM launched his Ten Point Plan in November 2020.
The Summit comes two weeks ahead of COP26 and will bring together global business leaders to look at the role of the private sector in reaching global net zero and achieving green growth, as well as highlighting the significant inward investment opportunities in the UK in the sustainable industries of the future.
The Government will also launch the Net Zero strategy this week, setting out how the UK will deliver on its commitment to reach net zero emissions by 2050. It will include measures to create a secure, home-grown clean UK energy sector, supporting businesses and consumers to transition to clean power, create thousands of well-paid jobs and unlock investment.
Among the big investors are Iberdrola, who plan to invest £6bn through ScottishPower in the East Anglia Hub offshore windfarms, creating 7,000 jobs.
Others include Prologis-longstanding partners of Amazon and Sainsbury- who intends to invest £1.5bn in the UK over the next three years, developing net zero carbon warehouses which will support around 14,000 new jobs across London, the South-East and Midlands.
Viridor, owned by US firm KKR, plans to invest up to £1 billion into cutting-edge decarbonisation technology across five of their UK sites, creating 1,180 jobs. Viridor aims to become the first net zero waste company by 2030, and this new investment will also reduce fossil emissions at their UK sites by up to 90%.
Eren Paper, owned by Turkish conglomerate Eren Holding, is also a big player looking to invest £500m to acquire a mill in Shotton, North Wales, and convert it to produce cardboard manufactured from paper waste. The mill will be powered by biomass fuel and the investment is expected to create around 300 new jobs.
Peer-to-peer lending firm Zopa have raised £220m, led by Softbank Vision Fund 2, to grow their responsible and sustainable banking and lending services in the UK.