Sir Ian Wood, renowned Scottish businessman, has pledged £40 million from The Wood Foundation to accelerate economic diversification and energy transition across North East Scotland, in a move set to be match funded by the Scottish Government, taking the total investment to £80 million. This funding will support Opportunity North East (ONE) and ETZ Ltd – organisations at the forefront of regional growth and energy innovation.
The investment aims to transform North East Scotland’s economy by driving forward developments in digital tech, food and drink, life sciences, and energy transition. ONE, established in 2015, has already generated £135 million in additional value, impacting high-growth industries and broadening the region’s commercial landscape. ETZ Ltd, founded in 2021, is leading the shift towards net zero, with Aberdeen positioned as a global hub for energy excellence and green transition.
First Minister John Swinney praised Sir Ian’s philanthropic contributions, noting that the government will match fund the £40 million investment. Scottish Labour has also pledged continued support, highlighting the importance of ONE and ETZ Ltd in fostering economic growth and sustainable jobs.
The combined £80 million injection will enable an accelerated rollout of innovation campuses, advanced manufacturing facilities, and green infrastructure in the Energy Transition Zone. The initiative supports Aberdeen’s ambition to remain an energy capital of Europe by attracting investment in low carbon technologies and skilled job creation. According to executive leaders, these funds provide a clear vote of confidence in the region’s ability to deliver high-value growth, entrepreneurship, and industry partnerships.
Sir Ian Wood, said: “There is no getting away from the fact the region’s economy finds itself at a critical juncture.
“There has been a series of substantial and very concerning jobs announcements across in recent months and there are growing fears that we are not embarking upon a just transition – one that protects jobs and our world-class energy supply chain.
“Through the leadership of ONE and ETZ, we have taken major strides over the last 10 years in diversifying our economy to significantly improve the strength and opportunities in the digital, life sciences, food and drink, and tourism sectors.
In Case You Missed it:
“However, there remains a great deal of work to do and I’m in the fortunate position of being able to help contribute to this region’s success through the support of The Wood Foundation.”
This significant project further cements Aberdeen’s role in leading the UK’s energy transition, fostering a future-focused approach that will bring sustainable prosperity to the North East for years to come.
