Ian Wood: City Square will put heart into centre of Aberdeen

SCOTLAND'S third city punches above its weight in contributing to the national economy, but Aberdeen's city centre has had a negligible share of Scottish city regeneration funds in the past 20 years.

This has led to our city centre becoming a shadow of its former self. This is often cited as an impediment to businesses and individuals investing in, visiting, or relocating to the region.

My decision to pledge private funds to the City Square project comes from a deep desire to see Aberdeen get the city centre it deserves and to secure jobs and economic prosperity for our children and our grandchildren.

I believe it is Aberdeen's turn to receive national funding for a major economic regeneration project. With significant private-sector money in place, we can successfully access long-term capital sources of public funding available for major infrastructure projects.

To avoid a major economic decline as North Sea activity wanes, we must establish our position now and in the future as a global energy hub – the energy capital of the eastern hemisphere and the headquarters for administration and technology of major offshore oil and gas developments over the next 100 years, as well as a leading developer and supplier of the expertise that will deliver alternative energy solutions.

The radical transformation proposed will give Aberdeen a vibrant new heart, which will put the city on the "must-visit" list and attract and retain people, business and future investment.

The City Square project aims to create a better-connected, more attractive, greener, safer city centre with a civic space and gardens that have something for everyone.

By raising the gardens to street level and covering the Denburn dual carriageway and adjacent railway line, we would reclaim a new five-acre civic space, where we can have the same, or more, green space in the heart of the city.

The City Square is an exciting and inclusive project. It is disappointing that opponents to the scheme have chosen to make this an "either or" situation. There is room for a contemporary arts centre within a much larger area for cultural activities.

Our forefathers had the vision to create Union Street and then Union Bridge. With the prosperity and enterprise derived from our North Sea oil era, I believe we can and must deliver this lasting legacy for the next generation.

• Sir Ian Wood is chairman of Wood Group