Moving to a green economy ‘has huge economic benefits’

Many people don’t realise the benefits to the UK economy of moving to a green economy.

That’s the view Midlands environment expert Ron after a report by the Confederation of British Industry (CBI) said that the transition is worth £71 billion to the UK and has brought jobs and investment to areas experiencing industrial decline.

Entitled Mapping the Net Zero Economy, the survey calculates the drive to reach net zero emissions will involve more than 20,000 businesses with around 840,000 jobs linked to sectors ranging from renewable energy to waste management.

Interestingly, it found that green jobs also paid significantly more with an average annual wage of £42,600 being much higher than the national average pay of £33,400.

“It is also very encouraging,” said Ron, of Noreus Ltd on the University of Keele Science Innovation Park, “that the net zero economy to curb greenhouse gas emissions is also addressing levelling up and the UK’s productivity problem.”

Peter Chalkley, the director of the Energy and Climate Intelligence Unit (ECIU) who commissioned the research, said the areas that have all done better than average included Tyneside, Teesside, Merseyside and the Humber.

Ron pointed out that the UK has long been seen as a leader in green technology, particularly in offshore wind energy.

But this position is at risk because there is now a global competition for green funding, particularly from the USA, which last year passed landmark legislation, the Inflation Reduction Act (IRA).

This Bill puts aside $369bn (£297bn) to help tackle climate change and many companies now see America as the best destination for their investment money.

However, a government spokesman said the UK was leading the world on tackling climate change and that they planned by 2030 to support up to 480,000 jobs, helping drive £100bn of private sector investment, which was backed by around £30bn in funding from the government since March 2021, to achieve that goal.

Ron concluded: “We must also heed the warning in the report that we must not lose momentum in the net zero race and it is vital that we build on the good work that has already been done so we don’t miss out and also lose jobs.”

He said one of the problems holding back investment from the private sector was the problems over planning regulations for onshore wind and solar. He said it takes 12 years to build a wind farm in the UK, when it should take one.

“We need to really speed up planning and consent for renewables, for network connections and for vehicle charging,” added Ron.

If you want any advice on switching to green energy, contact Ron on 0845 474 6641.

Caption: Driving the economy – the UK has long been seen as a leader in green technology, particularly in offshore wind energy.