UK’s Green Economy Accounts For More Than a Million Jobs
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Better yet, these jobs provide higher wages, and there is nearly half a trillion pounds in the investment pipeline.
The UK’s green economy is powering ahead and is now worth more than £100bn a year according to research by the CBI - the country’s leading business organisation - and benefits all of the UK, according to the CBI Economics analysis. Net zero workers also enjoy higher wages, at roughly 11 percent higher than the national average.
Louise Hellem, chief economist for the CBI, said: “Clean power and decarbonisation are already a significant and growing part of the UK’s industrial base. Across energy, manufacturing, services and supply chains, the UK has the expertise to build on this strength and capture even greater commercial opportunities.” Adding: “At a time when the UK must strengthen energy security and drive growth, the net zero economy is becoming central to the country’s future competitiveness.”
Over 300,000 people are employed directly in net-zero businesses but when their supply chains and related businesses are taken into account, this reaches 1.1m jobs, and accounts for £105bn in “gross value added”, a measure of economic activity similar to GDP. That equates to nearly 4 percent of the UK’s economic output. Furthermore, the analysis notes that "The net zero economy is underpinned by a large and dynamic business population, comprising of 23,500 active companies. The sector is overwhelmingly SME-led, with over 96 percent of firms classified as small or medium-sized enterprises."
The Guardian reports that an estimated £455bn of potential investment in energy infrastructure is also in the pipeline. These developments have been spurred by the government’s target of decarbonising the UK’s electricity by 2030, and stringent goals on reducing greenhouse gas emissions in the near term, to reach net zero by 2050. The investment pipeline is likely to be further boosted by the energy shock caused by the war with Iran, thanks to Donald Trump: The Accidental Environmentalist.
