The North East of Scotland will be transformed by over £30 billion of investment over the coming decade, according to research in a landmark report published by Aberdeen & Grampian Chamber of Commerce (AGCC).

The report forecasts a wave of capital spending not seen since the oil boom of the 1970s and 1980s as renewable energy projects power ahead.

The report said Aberdeen City Region is expected to undergo an “economic renaissance” as clean energy projects move from planning into North Sea reality.

Up to £22.2 billion of energy projects are detailed in the seventh edition of the Investment Tracker report, sponsored by Balmoral Group and Invest Aberdeen.

Billions more expenditure is planned in Aberdeen city centre and other towns in the area, on transport infrastructure, commercial and residential property, new health and education facilities and sport, leisure and culture venues.

AGCC said major investments will include:

• The Aberdeen Hydrogen Hub (£40 million) – A joint venture between BP and Aberdeen City Council that is set to revolutionise the region’s clean energy capabilities.
• Energy Transition Zone (ETZ) (£130 million) – The creation of a world-class manufacturing, innovation, and research hub focused on green energy, hydrogen, and carbon capture.
• Acorn Carbon Capture & Storage (£1.1billion) – A critical project aimed at reducing industrial carbon emissions and securing Scotland’s place in the global net-zero transition.
• MarramWind Floating Offshore Wind Farm (£3.5billion) – One of the world’s largest floating offshore wind projects, generating renewable energy for millions of homes.

Russell Borthwick, Chief Executive of Aberdeen & Grampian Chamber of Commerce, said: “When we first launched the Investment Tracker in 2016, it was to challenge misconceptions that Aberdeen was in decline.

“The reality is far different; and over the past eight years, we have witnessed a breathtaking pace of change, with billions invested in transformational projects.

“Aberdeen remains one of the UK’s top regions for foreign direct investment and economic output per capita. As we look ahead, our vision is clear: to cement North-east Scotland as a powerhouse for energy transition, innovation, and growth.

“With an extensive pipeline of projects spanning clean energy, housing, commercial developments, and infrastructure, the Investment Tracker demonstrates that North-east Scotland is a region with new energy and limitless potential. If you’re not considering business opportunities here, you should be.”

AGCC said that in addition to the £30 billion of investment projected for the decades ahead “more than £7 billion worth of projects have already been completed since 2017.”

AGCC said the Aberdeen Western Peripheral Route, a £750 million investment, has improved connectivity, while the £54 million Aberdeen International Airport upgrade has modernised transport links.

“Port of Aberdeen’s £420 million South Harbour development has positioned the region for a key role in offshore wind, while the redevelopment of Aberdeen Art Gallery and Union Terrace Gardens has revitalised the city’s cultural landscape,” said AGCC.

In a joint statement, Aberdeen City and Aberdeenshire council leaders Ian Yuill, Christian Allard and Gillian Owen said: “The North-east of Scotland’s economy is underpinned by a rich history of brave, innovative and entrepreneurial thinkers.

“As a region, we have always been focussed on forging the path ahead, capitalising on opportunities to deliver growth and make our mark on an international scale.

“This tracker demonstrates how our regional heritage is shaping our present and paving the way for our next chapter.”