Modern Business Services: Driving Green Growth

The global challenges posed by climate change are well-publicised, with the UK experiencing soaring 40C temperatures and wildfires spreading across Europe. The West Midlands' low-carbon economy – the region’s fastest growing sector generating ￡12bn per annum – is playing a critical role in combating the effects of climate change, helping companies turn next-generation technologies into commercially viable solutions. Yet it is collaborating with the region’s biggest economic contributor – Business, Professional and Financial Services (also known as Modern Business Services) at ￡31.4bn per annum – to unlock next-level opportunities.

In celebration of the Birmingham 2022 Commonwealth Games, the West Midlands Growth Company held a series of special events showcasing the strength of the region’s world-class business ecosystem. International delegates, including business owners, entrepreneurs and major investors, were given an immersive, first-hand experience of the region’s business landscape, benefitting from exclusive plenary sessions with business leaders and visits to key sector assets. The Modern Business Services Showcase Day focused on the unrivalled opportunities in the West Midlands to drive Green Growth.?

What are the opportunities??

A Vibrant, World-Class Business Ecosystem?

Hosted by 普华永道 ’s Matt Hammond , Strategic International Markets Lead Partner, Midlands Region Leader & Birmingham Senior Partner and opened by Vincent Keaveny CBE , Lord Mayor of the City of London, at PWC’s state-of-the-art offices in Birmingham city centre, international delegates and UK-based investors were given a deep-dive into the region’s thriving business ecosystem. Home to the largest financial services cluster outside of London – and major international names including PwC, Goldman Sachs, Gowling WLG, Deutsche Bank, Deloitte, KPMG, EY and HSBC UK – the West Midlands has a skilled workforce of over 343,000 Business, Professional and Financial Services professionals.??

Hilary Smyth-Allen , Executive Lead at SuperTech WM – the UK’s first Professional Services Tech Supercluster – reinforced the strength of the West Midlands business ecosystem and how it is a thriving hotbed of activity for start-ups in FinTech, PropTech and other ProfTech fields. SuperTech has played an integral role in championing the West Midlands and helping to develop many exciting, disruptive start-ups via innovative programmes, including the SuperTechSeeds no-code pre-accelerator and Serendip FinTech Incubator. CRBE ’s Harri John MRICS , Head of Digital Advisory and Alex Turner , Digital Advisory Consultant, then gave a fascinating insight into how the West Midlands is in a prime position to be at the forefront of PropTech innovation, delivering exciting opportunities for companies across the region.?

The Home of the Green Industrial Revolution?

Having been at the centre of the Industrial Revolution, the West Midlands low-carbon sector is leading the way in the modern world’s Green Industrial Revolution, pioneering next-generation technologies across low carbon and electrified transport, decarbonised commercial and domestic energy and a net-zero built environment. Delegates discovered how the West Midlands has ambitious targets and plans for the decarbonisation of the region, achieving net-zero by 2041. This is set to drive investments in new technologies, ideas and collaborative projects, opening up exciting new investment opportunities for international firms entering the UK market. With over 5,000 companies, a 97,000-strong pool of talent and an unrivalled University-led innovation eco-system, it’s an exciting time to be in the region.?

Whilst a thriving low carbon sector driving the technologies of the future is a great foundation for reaching net-zero, the ability to bring solutions to the market and implement them is paramount. The Business, Professional and Financial Services sector is crucial to this, often bringing the necessary capital, expertise and experience to bring together relevant consortia to deliver complex projects.

Eva O'Connor , Associate Director at 奥雅纳 and Kate Ashworth , Energy Infrastructure Lead for Energy Capital at West Midlands Combined Authority , further emphasised the benefits Business, Professional and Financial Service providers can get from supporting green and inclusive growth during a fascinating panel discussion. They talked about numerous subjects, including the role of private capital, the importance of data in driving net-zero and how the Net-Zero Neighbourhoods Project has been a great example of public and private sector collaboration in the low carbon space. The panel also reflected on the importance of ‘place’ in delivering net zero, highlighting the need for local collaboration and expertise. As the Business, Professional and Financial Services sector increasingly turns its attention to the Low Carbon market, the scale of opportunity in the West Midlands is huge.?

So, what are the opportunities for entrepreneurs and business leaders interested in investing in the decarbonisation of the West Midlands? While the region is already leading the UK in this area, there’s more to be done. ? Lydia Dutton , Director – Regional Sustainability Lead at CBRE delivered an excellent walking tour of green investments and ESG projects around Birmingham city centre which provided a superb testament to the work already delivered in the city. From critical infrastructure and smart energy to industrial decarbonisation, behavioural change and new investment and financing models, there is a wealth of opportunities available in driving solutions for net-zero.?

The feedback from delegates following the day was very positive. The engaging morning plenaries, informative walking tour and afternoon networking reception at Gowling WLG – opened with introductory speeches by Andy Stylianou , Chair at Gowling WLG and Andy Street , Mayor of the West Midlands – clearly demonstrated the wealth of opportunities available for international investors and UK-based companies looking to relocate to the West Midlands.?

Take your business to the next level?

Are you interested in exploring more about the West Midlands' world-leading Low Carbon and Business, Professional & Financial Services sectors? West Midlands Growth Company’s Tracey Davenport and Grace Kneafsey are on-hand to answer any questions you have and offer a comprehensive package of support.