North East Mayor, Kim McGuinness, has announced plans for a North East Carbon Marketplace at the Net Zero North East England Annual Summit in Gateshead. Under the new plans, organisations in the Region will be able to offset their carbon emissions by investing in carbon saving projects in the North East Combined Authority area; ensuring the net zero benefits are felt by people living and working here.
A carbon marketplace
This future carbon marketplace will be where carbon credits and offsets will be bought and sold. It will function as a platform for individuals, companies, and governments to purchase credits or offsets to compensate for their own emissions. It will also facilitate investment in sustainable projects that generate carbon credits.
The regional carbon marketplace will identify projects within the combined authority boundaries which are currently available for purchase via the voluntary carbon market, and in time will add newly verified projects to its offerings. It will allow potential funding organisations to find high-integrity carbon-saving projects in their area of interest, both by geography and by sector, and invest either through the purchasing of carbon offsets, or by making direct investment to deliver their environmental, social and governance commitments.
Multi-faceted approach to tackling the climate emergency
The Mayor made the announcement at the start of the two-day event, which attracted more than 300 delegates from across the region. A collaboration between local government, business, education, the public sector, and civil society, Net Zero North East England aims to drive a comprehensive regional approach to tackling the climate emergency, to create a greener, fairer, and more sustainable region.
North East Mayor, Kim McGuinness, political co-chair of the Net Zero North East England partnership, said:
“I made a commitment in my Manifesto to deliver a North East Social Carbon Offsetting Network and to ensure we plant more trees than we cut down. The plans I have announced today will accelerate the delivery of net zero projects and deliver real social change across the North East.
“Once launched, the North East Carbon Marketplace will allow organisations to invest in regional projects ranging from tree planting, peatland restoration, and retrofit; to carbon saving projects with additional social benefits, like community energy schemes, nature-based flood defences, and marine habitat restoration. Their investment will help to accelerate the delivery of these projects, allowing them to go faster and further than they could have done without it.
“Our new North East Carbon Marketplace adds to the actions we have already taken to set our region on path to decarbonisation and make this the home of the green energy revolution. They include £9m to build plans to take Metro to Washington, £101 million of improvements to bus services helping keep the cost of fares down and bringing new electric buses to our streets; and to support people to retrain and develop ‘green skills’ such as those needed for retrofitting and the offshore wind industry through our Skills Bootcamps.”
Collaborative and collective action in the North East towards reducing carbon emissions
Net Zero North East England’s third annual summit brought together over 65 speakers and 25 regional exhibitors to showcase the work happening across the region to deliver net zero. Professor Richard Dawson FREng, Director of Research & Innovation in the School of Engineering at Newcastle University and member of the Government’s Committee on Climate Change, delivered the keynote address on the first day, exploring how the North East can deliver a resilient net zero. Architect, TV presenter, and campaigner, George Clarke, joined North East Mayor Kim McGuinness for an in-depth discussion about his work to embed circular economy in design, repurpose existing spaces, and develop green skills in design and sustainability thorough his charity MOBIE.
The final day saw a series of panel discussions looking at topics including green infrastructure, renewable energy and heat networks, community leadership for a just transition, and green skills.
Delegates also had the opportunity to join field trips across the region to see firsthand what North East organisations are doing to become net zero, and how they are supporting others to do the same. Site visits included North Tyneside Council’s award-winning Killingworth operations depot, which is delivering 61% carbon reductions; Durham County Council’s low carbon Morrison Busty depot in Annfield Plain; and Port of Blyth’s Energy Central Learning Hub – a new £15m-plus STEM education and vocational training facility developing energy sector skills and aspirations among young people and adults.
Heidi Mottram CBE, Chief Executive Officer of Northumbrian Water and Net Zero North East England Co-Chair, said:
“Building upon last year’s summit, we have welcomed almost double the number of delegates and significantly expanded our exhibition area, enabling the enterprises that play a pivotal role in our net zero transition to showcase their work and network with others.
“The climate crisis demands a united, all-hands-on-deck approach, and that’s precisely what the Net Zero North East England partnership is here to foster: collaboration, innovation, and collective action. The success of this year’s summit speaks volumes about the momentum and enthusiasm for net zero in our region – and we know that the cost of inaction far outweighs the cost of action. I am confident the Net Zero North East England summit positions the North East as a leader in sustainable innovation.”
The carbon marketplace, a much-needed strategy
In July of this year Friends of the Earth published a list of ten priorities for the new North East Mayor. They asked the question: How Green is the North East?’ The answer to part of that question reveals that just 46% of homes are currently well-insulated; only 44% of homes are currently able to be powered by onshore renewable energy produced in the area; and only 35% of household waste is reused, recycled, or composted.
The North East Mayor’s Carbon Marketplace is a much-needed and welcome plan for our Region.
Further information and enquiries
Organisations that would like to find out more about purchasing regional carbon credits or investing in projects with carbon and social impact through the new North East Carbon Marketplace can sign up to receive updates via the Net Zero North East England website.
The Net Zero North East England Annual Summit took place at Hilton Newcastle Gateshead on Tuesday 26 and Wednesday 27 November. Net Zero North East England is a partnership in the North East of England – supported by the North East Combined Authority, all seven North East local authorities, and the North East Climate Coalition – to drive forward a greener, fairer, and more sustainable region. For more information, visit Net Zero North East.
