The net zero sector has increased by 10% in the past year – adding 83 billion sterling books to the British economy, suggests a new study.
Employment in green businesses and industry has also climbed 10%, supporting the equivalent of 951,000 full-time jobs (2.9% of total employment in the United Kingdom).
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The study – commissioned by Thinktank the Energy and Climate Intelligence Unit (ECIU) – found for each £ of value generated by the zero net economy, an additional £ 1.89 was created in the wider economy.
The IT report has been published while the government increases efforts to achieve a legally binding objective of reducing greenhouse gas emissions to zero overall (which is clear zero) by 2050.
Some conservative deputies and reforms have criticized Net Zero, electric cars and renewable energies, suggesting that efforts to slow down climate change are to be blamed for higher energy bills and the deindustrialization of Great Britain.
But the report, with the analysis of CBI Economics and Data City, suggests that the clear zero economy of the United Kingdom is an important engine of growth, innovation and productivity.
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Where is growth going?
Renewable energies, electric vehicles, low carbon heating, recycling and green finances are all part of the zero net sector.
Small and medium-sized companies with less than 250 employees are the main drivers of growth, and wages are 15% higher than the United Kingdom average (£ 43,100, against £ 37,430).
Regions beyond London and Southeast are the place where the clear zero economy increases considerably, according to the report, stimulating some of the most disadvantaged areas in the country.
The West Midlands, the Yorkshire and the Humber and the South West of England were the largest contributors, each more than 5% of the national total, while the zero zero economy of Scotland increased by 21, 3% since 2022 – worth 9.1 billion pounds sterling.
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Gwynt Y de Rwe, off the northern coasts of Wales, is the fifth largest offshore wind farm in the world. Pic: Ben Birchall / PA
Tyne and Teesside were also highlighted as a hotspot thanks to a 1 billion pound Sterling electric vehicle project, which includes a gigafactory for new generation batteries. He created 6,200 jobs.
London and the Southeast still open the way, with 16.2 billion pounds sterling and 13.1 billion pounds sterling respectively.
Overall, the sector attracted 23 billion pounds of public, private and foreign public investment – and each full -time job generated £ 105,000 in economic value, well above the British average, according to the report.
‘You cannot have growth without green’
Energy secretary Ed Miliband said that the results have shown that “zero net is essential for growth, a strong economy and money in workers’ pockets.”
Make Britain “a clean energy superpowered” will provide “energy security, good jobs and investment in our communities,” he added.
Louise Hellem, chief economist of the CBI, said: “There are enormous emerging markets for green technologies on which the United Kingdom must capitalize”.
“It’s clear, you can’t have green without green,” she said.