According to a recent economic impact assessment by the North West Hydrogen Alliance (NWHA), the development of hydrogen infrastructure could benefit the region to the tune of £3.4bn.
This is projected to be by the year 2030, and could create as many as 11,500 jobs.
The report considered the economic impact of hydrogen activity in the region, and in particular on production, infrastructure and consumption. It said that the development of core hydrogen infrastructure will potentially see thousands of jobs created in the engineering, construction and manufacturing industries, with additional opportunities in business and professional services.
This follows earlier research that concluded the region has the capability to produce 20% of the UK’s entire low carbon hydrogen target by the end of the decade, with the North West scheduled to be the first region in the country with a hydrogen market.
According to the NWHA, hydrogen will transform how we travel, and source heat for homes and businesses on the journey towards Net Zero. It anticipates that industry and power generation will be quick to embrace hydrogen, estimating that total regional demand could support up to 7.5GW of production by 2050.
HyNet North West is a government supported decarbonisation cluster driving hydrogen production, carbon capture and storage. Current projects include hydrogen public bus services, green hydrogen production and cavern hydrogen storage in natural salt domes.
A direct pipeline is scheduled to connect Manchester Airport to HyNet’s production facilities.
Hartey Wealth Management keeps on top of the latest developments in the North West. We’re based in Chester and Oswestry, where we have offered financial advice and investment planning services in Cheshire for more than 25 years.
