Sir Ian Wood has pledged £40million from his family charity, The Wood Foundation, to accelerate economic diversification and the energy transition across North-east Scotland - a donation that will be match funded by the next Scottish Government.
The £80million total investment will support Opportunity North East (ONE) and ETZ Ltd, both chaired by Sir Ian, with £40million each to build on their work driving regional growth.
This latest £40million gift from Sir Ian builds on a long record of philanthropy that has seen more than £135million invested in the region, funding everything from STEM education and youth programmes to NHS infrastructure and charitiable causes.
Sir Ian said: “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.
“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.”
ONE was established in 2015 with a £64million funding commitment from The Wood Foundation and has since generated £135million of additional economic value, driving growth in digital tech, food, drink, agriculture and life sciences.
Its private sector model is set to double the size of the digital tech cluster, expand life sciences, and accelerate growth in food and drink, while ETZ Ltd — founded in 2021 — is spearheading the region’s energy transition to keep the North-east at the forefront of global energy excellence.
The latest £40million donation from Sir Ian brings his personal investment in ETZ and ONE alone to £104million.
First Minister John Swinney praised Sir Ian’s “utterly remarkable” philanthropic impact, saying it “continues to benefit thousands of people across Scotland and overseas.”
He confirmed his government would match fund the investment if re-elected, with Scottish Labour leader Anas Sarwar making the same pledge.
Mr Swinney said: “Sir Ian's unwavering passion for his home city of Aberdeen, where he built one of the world’s largest energy services companies, inspired the creation of ONE and ETZ Ltd, two pioneering examples of how private-public partnership models can work effectively, creating sustainable economic opportunities for individuals, companies and sectors across North-east Scotland."
He added: “There is no doubting of 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.”
Mr Sarwar added: “ONE and ETZ Ltd are important organisations for the North-east of Scotland and have a proven track record of working in partnership with government and industry to secure economic growth and opportunity across the entire region.
"The UK Government has demonstrated its commitment to both, and Scottish Labour will do the same. So I’m pleased to confirm that a Scottish Labour government I lead will continue to back this commitment. We are committed to delivering economic growth and backing our entrepreneurs so we can secure an economically vibrant future for our country, including Aberdeen and the North-east.”
Maggie McGinlay, ETZ Ltd Chief Executive, said the announcement “will be instrumental in our ability to take forward an accelerated programme of activity that means this region positions itself as the most attractive location in Europe for investment in low carbon technologies.”
Jennifer Craw, Chief Executive of ONE, added: “This funding from The Wood Foundation and the commitment of future support from senior politicians is a vote of confidence in the ONE model and its delivery to date.
"It anchors the regional ambition that ONE will translate into investment and project activity, delivered at pace with founders, business leaders and public sector partners to create high value jobs.”