This Is Tees Valley This Is Tees Valley - Issue 1 2020 | Page 41

The site has already
attracted significant
interest from
investors across
the globe and this
will only grow as
the development
corporation further
secures land and
assets on the site
A 25-year vision to transform the
region's former steelworks site
into a world class industrial zone
is underway.
North Yorkshire.
On top of this, there are plans in place to
bring the world’s first zero-carbon industrial
cluster to the site. Net Zero Teesside is a
carbon capture, utilisation and storage
project which aims to decarbonise a cluster
of carbon-intensive businesses as early as
2030.
Net Zero Teesside is led by OGCI Climate
Investments and has direct project support
from six of its members: BP, ENI, Equinor,
Occidental Petroleum, Shell and Total. With
OGCI’s involvement, the project will also
benefit from the technical and commercial
expertise of all of the oil and gas companies
that make up its membership.
Other key assets on the site include PD
Ports, the UK’s northern gateway for global
shippers, Redcar Bulk Terminal, the deepest
port on the east coast and Northumbrian
Water, serving industry in the area.
The adjacent Wilton International
works in tandem with the development
corporation and is one of the UK’s most
important locations for the process industry,
offering low-cost utilities.
Tees Valley also benefits from strong
road and rail links, with a Network Rail
passenger and freight line serving the
site. Since bringing the local airport into
public ownership, there is an opportunity
to increase international connectivity like
never before, with a clear plan that will work
in the interests of the region’s businesses.
A first-phase investment pipeline of
£10bn demonstrates the level of ambition
for the area, which seeks to deliver 20,000
jobs and transform the South Tees area and
wider Tees Valley into a national asset of
manufacturing excellence.
The development corporation was
launched by the prime minister in
August 2017 and has strong government
backing, with more than £200m to date
being secured to prepare the site for
investment. It will also become the UK’s
first Special Economic Area. This will give
the development corporation the powers
to retain business rates to reinvest into
developing more of the site.
Mayoral development corporations can
draw on a wide range of powers, covering
infrastructure, financial incentives,
regeneration and land acquisition,
devolving powers from central government
to the local area.
By bringing the SSI site, and other
under utilised land in the area, back
in to economic use and by attracting
private sector investment, the South Tees
Development Corporation will be able to
secure high-quality jobs for the people of
the Tees Valley.
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