The UK Infrastructure Bank is to help boost local and regional growth across the North East by committing up to £50 million to the Port of Tyne’s regeneration and expansion plans.
The Bank’s financing will enable the regeneration and redevelopment of the land that will provide a base for the growing number of green industries in the area, including offshore wind, which supports the UK’s transition to net zero and long-term energy security ambitions.
The regeneration and redevelopment projects will help the Port move towards a cleaner and greener future. As one of the largest employers in the region, the Port provides 12,000 jobs, and UKIB’s financing will help ensure these jobs continue to be supported.
UKIB’s investment will help the Port deliver its ‘Tyne 2050’ strategic plan to become net zero by 2030, and position the River Tyne as a gateway for both regional and maritime transformation, fully aligned to the Government’s Maritime 2050 strategy and the North East Economic plan.
John Flint, CEO of UK Infrastructure Bank, said:
"Renewable energy is key to helping the UK deliver on its net zero target and securing long-term energy security. The UK’s offshore wind sector provides a major opportunity for regional and local economic growth and this investment will enable the Port to accelerate its expansion plans, supporting the green transition and creating high skilled jobs across the North East.
"If we are to deliver on our net zero ambitions, we must reimagine, repurpose and reinvent our old industrial heartlands and the Port of Tyne re-generation and expansion projects are a prime example of how to do this."
Minister for Investment Lord Johnson said:
"Regenerating the Port of Tyne will not only help the UK cement its role as a global leader in clean energy technology, but will be essential for levelling up the North East with high skilled, green jobs and local economic growth.
"The UK Infrastructure Bank has become an integral part of this country’s net zero ambitions, delivering new and innovative ways to achieve sustainable growth."
Matt Beeton, Port of Tyne CEO said:
"The Port of Tyne is the catalyst for the North East’s green economy and essential in supporting the UK in the green energy and the automotive transition. This investment will help us accelerate our internationally ambitious plans to ensure the port, the region and the UK have a firm foothold in these critical markets for generations to come."
Separately, Port of Tyne has signed a new 10-year contract with European Metals Recycling (EMR), a global leader in sustainable materials. EMR has sites around the country, including one in South Shields, and has been a key customer of the Port for the past 25 years.
As a top client, EMR participates in the Port's Customer First program, fostering collaboration and joint strategic objectives. This new agreement anchors the business in the North East, driving growth for its own business and the broader regional supply chain. The new contract will significantly increase the annual tonnage of ferrous and non-ferrous metals processed and shipped from the port to several global locations for reuse.
EMR’s facility at the Port of Tyne handles 300,000 tonnes of waste metal every year from manufacturers, demolition companies, the public, and tradespeople. The processed material is sold into the Mediterranean, North America, and the Far East to be reconstituted and reused in everyday items such as vehicles, electronics, and household appliances. The Port of Tyne’s deep-water operation enables EMR to move up to 50,000 tonnes on one vessel, with the in-house stevedoring team providing port services to EMR.
EMR has invested more than £1 million in its Port of Tyne facility in South Shields, where it employs some 30 transport, operational, and commercial staff. They plan to develop the site further to provide greater operational flexibility to manage global challenges.
Matt Beeton, CEO of the Port of Tyne, welcomed EMR’s continuing commitment to the region and commented:
“It’s great to embark on a new chapter with a leading industry player in recyclable materials like EMR. The company’s market-leading position on sustainability issues, alongside its important role in the circular economy in support of the region’s growth industries like renewable energy, automotive and electric vehicles, is aligned with our business and ESG strategies as we look to grow our clean energy cluster.”
Scott Bamborough, Ports Manager UK at EMR, said:
“For a quarter of a century, the Port of Tyne has played a vital role in our operations. Our South Shields operation will continue to have an important role on our journey to becoming a net zero business and play our part in the battle against climate change. Our continued operations at the Port of Tyne will help us to deliver sustainable materials to our customers globally, helping our customers reduce carbon emissions.”
Sustainability is the driving force behind EMR's business strategy. To help the world use its precious resources more sustainably, EMR has committed to becoming a fully net-zero business by 2040 and has aligned its climate commitments with science to play its part in the battle against climate change. EMR is investing in energy productivity, low-carbon, and nature-positive technology, and developing innovative new products that help their customers reduce their carbon emissions further.
Port of Tyne is exhibiting at Multimodal 2023 on stand 6015