A new report from Bruntwood SciTech says the North West’s science and technology sectors could create 47,000 new jobs by 2050 due to the net zero carbon push. Tony McDonough reports
A transition to net zero carbon industries could see 47,000 new jobs created in the North West’s science and technology sectors by 2050.
That’s the forecast in a report from Bruntwood SciTech, operator of a number of hi-tech hubs across the north of England including Liverpool. The total number of new jobs across the UK could be 365,000, the report adds.
Its says growth in science and tech would be worth £35bn to UK GVA by 2050 and £10.9bn over the 2020s. Most jobs will be created in specific sectors such as the production of electric vehicles (96,000), the production of electrical equipment (69,000) and science and technology design and R&D (54,000).
Significant investment is going into the HyNet hydrogen project which covers a number of sites in the North West and North Wales. In the Liverpool city region this includes hydrogen-fuelled production at glassmaker Pilkington and consumer giant Unilever.
The city region is also seeing hundreds of millions of pounds invested into the Jaguar Land Rover and Ford transmission factories in Knowsley as part of the switch to electric vehicles, £100m is also being invested at Vauxhall in Ellesmere Port.
The Market Spotlight report also offered a more tempered analysis of the total economic potential of the country’s 2050 Net Zero transition than Government estimates, projecting 1m new roles over the next three decades compared to 2m by 2030.
Chris Oglesby, executive chair at Bruntwood SciTech, said: “The future of the UK economy will be driven by our science and technology sectors and their role in supporting the transition to net zero.
“The fact that most new jobs and growth created by this journey will have a greater impact on the regions outside of London and the South East is important given the need to replace the carbon intensive legacy industries, much of which is based in areas like the North, Midlands, Scotland and Wales.
“But these new jobs, that will be created over almost 30 years, are only a fraction of what the science and technology sectors can generate for the UK in 12 months alone, most of which still falls within the same pockets in South Eastern England.
“The science and tech industries feed off a highly skilled workforce with a greater proportion of degree level or above qualifications than other sectors in the economy. It is here that we need to do more to enhance the strength of the UK’s regions, which are home to world class academic and clinical institutions, and to improve access to the sector through apprenticeship opportunities.”
The research was conducted by Development Economics on behalf of Bruntwood SciTech – a joint venture between Legal & General and regional property company, Bruntwood.