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UK’s net zero economy grew 9% in 2023, report finds

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: The UK's net zero economy exhibited a robust growth of 9% in 2023, significantly outpacing the overall national economy's growth of 0.1%
• This surge is attributed to the proliferation of green companies and jobs, generating £74bn in goods and services and supporting 765,000 jobs, despite facing threats from government policy reversals and international competition

🔭 The context: Net zero businesses are not only thriving in traditional economic centers but also in some of the UK's most deprived areas, indicating a broad-based economic uplift
• This growth aligns with the broader goal of achieving net zero emissions by 2050, crucial for mitigating climate crisis impacts, enhancing energy security, and reducing energy costs

🌍 Why it matters for the planet: The expansion of the net zero economy underscores the potential for simultaneous environmental and economic benefits
• It demonstrates how transitioning to a green economy can drive sustainable growth, create high-paying jobs, and contribute significantly to climate change mitigation efforts

⏭️ What's next: The future of the UK's net zero economy hinges on political commitment and investment
• With recent policy shifts and reduced investment pledges raising concerns, the need for stable, supportive policies and adequate funding becomes paramount to maintain growth momentum and compete globally in clean industries

💬 One quote: "The transition to net zero presents unprecedented opportunities for the UK to become a more resilient and productive economy while also tackling climate change," ( Louise Hellem, Chief Economist at the CBI)

📈 One stat: Net zero jobs in the UK are on average £10,000 better paid than the national average, and the sector is 50% more productive, generating £114,300 in economic activity overall

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