The Local Industrial Strategy and economic opportunity
The West Midlands Local Industrial Strategy4 will boost productivity and earning power in a way that is clean and inclusive by focusing on distinctive regional economic assets and challenges. The region’s clean growth aims potentially give local businesses a competitive advantage in growing global markets, with exports of low carbon goods and services set to be worth between £60 billion and £170 billion to the UK by 2030(5).
5. From Ricardo Energy and Environment for the Committee on Climate Change (2017) UK business opportunities of moving to a low carbon economy for the UK’s Clean Growth Strategy (April 2018).
Developed by the region and agreed with Government, the Local Industrial Strategy creates an investment pathway for the high value, high productivity, future-proof sectors that will underpin the region’s economy. This plan on a page illustrates some of the sector strengths in the region. While ‘low carbon technology’ is there in its own right, it is vital that each sector makes a positive contribution to the climate challenge – building resilience and ensuring that its economic activity is low carbon, circular, and resource efficient.
The region’s three Local Enterprise Partnerships (LEPs) – Coventry & Warwickshire, Black Country and Greater Birmingham & Solihull - are leading on four of the sectors each, and are in the process of writing the associated action plans. Given that this is current work, this is an excellent opportunity to ensure that these plans make a strong contribution to tackling the region’s climate challenge, including by coordinating business support.