New initiative to boost region’s energy sector announced
Lloyds Banking Group, North East Combined Authority, and Office for Investment have launched a joint initiative to drive private investment into the North East.
The initiative aims to directly support the region’s leading energy sector, with long-term objectives to create jobs and drive economic growth.
It will focus on the region’s thriving offshore wind and green industry, securing the North East’s role at the forefront of the global clean energy revolution.
The North East is already a key hub for the UK’s energy transition, with the flagship £160m North East Investment Zone driving growth across clean energy and green manufacturing businesses.
It’s hoped the new initiative will bring businesses and financial services together to identify how to unlock private investment, supporting regional infrastructure and supply chain development.
Charlie Nunn, CEO, Lloyds Banking Group said: “This initiative reflects our commitment to regional growth and enabling the transition to net zero, in partnership with one of the UK’s foremost clean energy regions. By working together with NECA and OFI, we can increase innovation, create jobs, and stimulate long-term sustainable growth in the North East and beyond.”
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