Driving a sustainable recovery

Driving a sustainable recovery – a view from Peter Hough of Virgin Money

2020 has been an interesting year to say the least. In a year where the Brexit transition period would have been expected to dominate the news headlines and business decision making processes, it’s been a mere bystander.

As Covid-19 dictates the agenda and the UK entered its first recession in 11 years, it’s more important than ever to take a forward-looking view to ensure continued success for marine and offshore energy across both the Humber region, but also for the businesses and organisation that contributes to its success.

While the price of crude oil is showing recovery  it’s more crucial than ever that the industry begins to consider the role it can play in a sustainable recovery – both in terms of the economy and the environmental and social aspects.

Team Humber Marine Alliance is already involved in this – playing a pivotal role in supporting offshore wind in the region. However, the IPPR Environmental Justice Commission announced in their interim report in May 2020 that the East Midlands, West Midlands and Yorkshire and the Humber are the three regions with the highest proportions of jobs in sectors, such as transport and manufacturing, that could be at risk in the transition to a net zero economy.

However, this challenge creates opportunity – there will be a requirement to reskill and upskill people, and with international challenges in the near-term increasing the importance of domestic supply chains, these will likely be high-quality, well-paid jobs.

And while not all of these jobs will directly impact marine and offshore energy or the Humber area, for reference, Renewable UK are looking to support 27,000 jobs by 2030 in offshore wind alone.

There’s also a major role for the banking sector to play. UK Finance recently published their report on how banking can support a transitioning economy in the UK, recognising that the purpose of banking is to serve the real economy over the long-term and that it will play a crucial role in helping everyone make the shift to a more sustainable economy and society.

It’s incumbent on us all to deliver a better world and play our role in the Covid-19 recovery – the role each of us plays, individually and organisationally, drives the wider society and system which we have to live and work in.



Peter Hough

Relationship-Manager Commercial

Yorkshire Bank Hull & Humber Customer Banking Centre