Former oil executive Sir Ian Wood has donated £40 million from his family charity to help drive the energy transition in the north east of Scotland.
The funding from The Wood Foundation will be shared equally between not-for-profit and private sector-led organisations Opportunity North East (ONE) and ETZ.
First Minister John Swinney and Scottish Labour leader Anas Sarwar have pledged to match the donation in the event either of them leads the government following next year’s Holyrood election.
Sir Ian’s charity said the funding will help support the region as the labour market adjusts from oil and gas to renewables, amid concern that the loss of jobs in the fossil fuel sector is outpacing the creation of roles in cleaner energies and other sectors.
ONE, established in 2015, has helped develop a digital tech cluster and accelerate the growth of the food, drink and agriculture sector.
Sir Ian Wood was chief executive of Wood Group until 2006 and is now chair of Opportunity North East and ETZ.
He 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 Ltd, we have taken major strides over the last ten years in diversifying our economy to significantly improve the strength and opportunities in the digital, life sciences, food and drink, and tourism sectors.
“In the four years since the creation of ETZ Ltd, we have made a tangible and positive impact in ensuring this region remains an internationally recognised hub of energy excellence.
“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.”
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