New report highlights how Liverpool city region can improve economy and achieve net zero by deploying climate technology
- Achieving net zero is a £1.4 trillion opportunity for the UK
- Liverpool City Region’s unique assets offer the opportunity to become a climate technology cluster
- Four priority sectors have been identified in transport, marine and offshore electrification, sustainable chemicals and manufacturing innovation.
A new report has outlined how the Liverpool city region can boost its economy by becoming a climate technology cluster – building on existing strengths to boost innovation and achieve the goal of becoming net zero by 2040.
The report identifies the region’s unique assets that underpin its potential as a future climate technology cluster, including a strong industrial base, innovation clusters and track record of developing talent pipelines.
And it highlights four priority sectors – transport electrification, the marine and offshore sector, the Mersey Tidal Power Project, sustainable chemicals and manufacturing innovation – which should be used as key opportunities to foster local climate technology innovation, attract investment and boost the economy. Development.
The report was commissioned by Liverpool City Region Integrated Authority and produced by Sustainable Ventures (SV), which has a track record of bringing together academic partners with the private sector and investment community.
The report recommends nine interventions in key sectors for the development of a climate technology cluster, including hackathons, roundtable events and innovation challenges designed to stimulate collaboration among innovators.
Liverpool City Region Portfolio Holder for Net Zero and Air Quality, Cllr David Baines said:
„The climate emergency is one of the greatest challenges facing our region and our planet. Climate tech innovation can help accelerate the transition to a green economy, supporting both business growth and decarbonisation for LCR businesses. Recommendations in the Climate Tech Ecosystem Mapping report from Sustainable Ventures call for climate tech innovation in urban areas They outline clear interventions to stimulate This will ensure that the LCR is at the forefront of change, helping to grow our economy and achieve net zero carbon by 2040.
Catherine Fairclough, chief executive of Liverpool City Region Integrated Authority, said:
„The report comes from Liverpool City Region Integrated Authority’s significant strategic commitment to achieve net zero emissions by 2040. The development of a home-grown climate technology cluster provides the Liverpool City Region with the opportunity to become a clean technology and pioneer at the forefront of the green industry revolution. Our strong net zero assets will increase the innovation potential of our portfolio.” There will be many wider benefits, for example, increasing GVA, creating sustainable employment, attracting investment and supporting our target of investing 5% of GVA in R&D, twice the government target.
„The Climate Technology Ecosystem Mapping report is an important first step in moving climate technology development and innovation forward. Implementing the report’s recommendations will benefit the city’s wider business base, including bringing new products and technologies to market to help businesses decarbonise.
The report’s findings include the following conclusions:
- Net Zero is £1.4 trillion, securing a generational investment opportunity to equalize, meet environmental targets and secure the future prosperity of the Liverpool City Region.
- New technologies are needed to enable the decarbonisation necessary for the urban area to reach its net zero target by 2040.
- With appropriate interventions and investment, the LCR has the properties to build a climate technology cluster that supports its net zero goals, while creating a productive and prosperous future economy for its residents.
SV has previously undertaken significant collaborative work with local authorities to drive climate technology action – including Lambeth Council, the Mayor of London and the West Midlands Combined Authority.
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