WHILE the Budget announcements promised bad news for many, for the Tees Valley there was much to celebrate.

Promise of an extra £1.4bn investment in low carbon industries could see the Tees Valley receiving a large chunk and leading the way in the sector of renewable energy and energy efficiency.

As the Government looks to invest in energy sources offering the greatest reduction in emissions at the cheapest price, it turned its attention to carbon capture and storage (CCS) technology – coal is burned and the carbon dioxide, trapped and stored under the sea.

Teesside is a world leader in this innovative technology, so could be first in line for four power stations each costing £1bn, with the potential to create up to 500,000 jobs by 2030. Having developed an excellent reputation in the chemical and process industry sectors, the Tees Valley is fast making a name for itself in the renewable and green energy sector.

In the past five years we have seen the opening of the LNG, liquid natural gas import facilities site and Wilton 10 Power Station, as well as the announcement this week that a gas-fired power station (producing less than half the carbon emissions of the traditional coal-fired stations) is to be built at Seal Sands.

The Chancellor’s announcement demonstrates the importance of developments in this sector and that Tees Valley is heading in the right direction.

News that a company from Wilton and another from Billingham are among ten North-East winners of Queens Awards simply emphasises the point. As the two companies in the Tees Valley won awards for enterprise and innovation, who’s to say that the Tees Valley couldn’t lead the world in the new CCS technology.

The NECC strongly believes in the need to keep energy and environmental issues at the top of the Government agenda, both to mitigate the environmental impact of business as well as to develop our regional economy in this sector.

As the Tees Valley has the capacity, capability and technology as the perfect place for the future of CCS facilities, NECC will do everything it can to help it towards this bright and potentially lucrative future.