Aberdeen billionaire and former oil exec, Sir Ian Wood, has pledged £40 million through his family charity, the Wood Foundation, to drive economic diversification and support the energy transition across North East Scotland, an investment set to be matched by the next Scottish Government.

The £80 million investment will be split between the not-for-profit organisations Opportunity North East (ONE) and Energy Transition Zone (ETZ) Ltd, both chaired by Wood himself, to strengthen their ongoing efforts to boost regional economic growth.

Meeting with Wood alongside the chief executives of ONE and ETZ, first minister John Swinney said that the SNP committed to matching the investment with a multi-year funding deal, if still in government following next year’s Scottish elections, a commitment echoed by Scottish Labour leader Anas Sarwar.

“There is no doubting the pressing need to support the North East of Scotland achieve a just and managed transition, and that is why I’m more than happy to confirm that my government, if elected, will match fund the transformational and hugely generous personal investment from Sir Ian over the course of the next parliamentary term,” said Swinney.

Established in 2015 with a £64 million commitment from the Wood Foundation, ONE claims to have since unlocked £135 million in additional economic value across diverse sectors, including digital, food and drink, agriculture, and life sciences.

Meanwhile, ETZ, founded in 2021, is leading the region’s energy transition in the shift to renewables, with the overriding goal of protecting and creating as many jobs as possible.

Using this new funding, the ETZ plans to advance its mission of creating 2,500 direct jobs, alongside 10,000 roles tied to the wider energy transition across the region, while also aiming to attract up to £140 million in private sector investment by 2031.  

The latest £40 million donation brings Wood’s total personal investment in ONE and ETZ to £104 million. 

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“I’m delighted that my family charity, The Wood Foundation, will make a long-term investment in two organisations that will continue to play a pivotal role in transforming North East Scotland’s economy,” said Sir Ian.

“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.

“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.”