- Reaching net zero is a £1.4trillion opportunity for the UK
- Liverpool City Region’s unique assets provide the opportunity to become a climate tech cluster
- Four priority sectors identified across the electrification of transport, marine and maritime, sustainable chemicals and manufacturing innovation
A new report has outlined how the Liverpool City Region can boost its economy by becoming a climate tech cluster – building on existing strengths to boost innovation and reach its target to be net zero by 2040.
The report identifies the region’s unique assets that underpin its potential as a future Climate Tech cluster, including its strong industrial base, track record of building innovation clusters and talent pipeline.
And it highlights four priority sectors – the electrification of transport, the marine and maritime sector, including the Mersey Tidal Power project, sustainable chemicals and manufacturing innovation – that should be leveraged as key opportunities to foster local Climate Tech innovation, attract investment and boost economic growth.
The report was commissioned by the Liverpool City Region Combined Authority and produced by Sustainable Ventures (SV), who have a track record of bringing together academic partners with the private sector and investment community.
The report recommends a series of nine interventions across the key sectors to drive the development of a climate tech cluster, including a series of hackathons, round table events and innovation challenges designed to stimulate collaboration amongst innovators.
Liverpool City Region Portfolio Holder for Net Zero and Air Quality, Cllr David Baines, said:
“The climate emergency remains one of the biggest challenges facing our region and our planet. Climate tech innovations can help accelerate the transition to a green economy, helping to stimulate both business growth support and decarbonisation for LCR businesses. The recommendations in the Climate Tech Ecosystem Mapping report from Sustainable Ventures outline clear interventions to stimulate climate tech innovation in the City Region. This will ensure that LCR is at the forefront of the transition, helping to grow our economy and reach our target of net zero carbon by 2040.”
Katherine Fairclough, Chief Executive of the Liverpool City Region Combined Authority, said:
“This report has come from a significant strategic commitment by the Liverpool City Region Combined Authority to reach Net Zero emissions by 2040. Development of a locally-grown Climate Tech cluster presents the opportunity for the Liverpool City Region to become a pioneer in clean technology and at the forefront of the Green Industrial Revolution. Maximising the innovation potential of our strong Net Zero assets will also have a number of wider benefits, for example, boosting GVA, creating sustainable employment, attracting investment and supporting our target of investing 5% of GVA in R&D, nearly double the government target.
“The Climate Tech Ecosystem Mapping report from Sustainable Ventures is an important first step in driving Climate Tech development and innovation forward. Implementing the recommendations from the report will bring advantages to the City Region’s wider business base, including bringing new products and technologies to market that will help businesses decarbonise.”
Amongst the report’s findings are the following conclusions:
- Net Zero is a £1.4 trillion, once in a generation investment opportunity to deliver on levelling up, environmental targets and ensuring the future prosperity of the Liverpool City Region.
- New technologies are required to enable the decarbonisation required for the city region to hit its target of Net Zero by 2040.
- With appropriate interventions and investment, the LCR has the attributes to build a Climate Tech cluster, supporting its Net Zero targets while creating a productive and prosperous future economy for its residents.
SV have previously undertaken significant partnership work with Local Authorities to stimulate Climate Tech activity – including with Lambeth Council, the Mayor of London, and the West Midlands Combined Authority.