Key Findings

With the right level of policy support and investment in Carbon Capture Utilisation and Storage (CCUS) and related technologies in the Tees Valley local economy, our research shows that jobs in the industry sector, which have been in terminal decline, can increase by an additional 8,700 and add an additional £34.6bn cumulative GVA to the economy by 2040.

These results also highlight that upfront government investment to build CCUS infrastructure in the UK is likely to attract subsequent private investment and to create green industrial jobs.

• The scenario modelling results show that, relative to the Policy Off scenario, the two Policy On scenarios are projected to have better outcomes for the Tees Valley economy in terms of employment and GVA by 2040. All results showed the potential for investment in industrial decarbonisation, including establishing CCUS infrastructure in the UK, to lead to growth in green industrial jobs.
• Our research reveals a pivotal opportunity for the Tees Valley’s critical industrial sector, which is currently facing a decline. Specifically, while the ‘Industry’ sector jobs are projected to decrease by 6,900 in the ‘Policy Off’ scenario and by 3,500 in the ‘Limited Policy On scenario’, the ‘Full Policy On scenario’ paints a brighter future with an anticipated increase of 8,700 jobs by 2040.