Growing the UK economy through green initiatives

Date:

Growing the UK economy through green initiatives

  • News by AUN News correspondent
  • Tuesday, January 31, 2023
  • AUN News – ISSN: 2949-8090

Summary:

  • It estimates that more than 20,000 businesses are involved in the effort to achieve net-zero emissions.

  • The paper, Mapping the Net Zero Economy, examined the regions of the UK that have benefited the most from regulations meant to reduce greenhouse gas emissions.

  • The green economy was more robust and contributed to growth in Scotland and English regions like Tyneside, Teeside, Merseyside, and the Humber than in London and the South East.

  • In particular, with offshore wind, the UK has long been regarded as a leader in green technology, but this position is in jeopardy.

  • Analysts say that the Inflation Reduction Act (IRA), a significant piece of U.S. legislation passed last year, has changed how green investments are made worldwide.

The £71 billion shift to a greener economy has brought jobs and investment to parts of the UK that have been losing jobs in the industrial sector.

It thinks that more than 20,000 businesses are working to reach net-zero emissions.

The report says that 840,000 people work in industries as different as waste management and renewable energy.

The paper, Mapping the Net Zero Economy, looked at which parts of the UK have gotten the most out of rules meant to cut greenhouse gas emissions.

The green economy was more robust and contributed to growth in Scotland and English regions like Tyneside, Teeside, Merseyside, and the Humber than in London and the South East.

According to the survey, green jobs also pay much better, with an average compensation of £42,600, which is much more than the national average of £33,400.

Peter Chalkley, the director of the Energy and Climate Intelligence Unit (ECIU), who ordered the study, says that “the net-zero economies are tackling leveling up and the UK’s productivity challenge.”

“But we will lose out and lose jobs if the UK doesn’t build on the wonderful work that has already been done,”

  • According to the MP’s study, net zero delays will harm the economy.

  • What is meant by net zero?

  • Is the United Kingdom on track to reach its climate goals?

The UK has been seen as a leader in green technology for a long time, especially when it comes to offshore wind. However, this position is in danger.

According to Tom Thackeray, the AUN analyst who conducted the analysis, “other areas (in the world) are setting out their stalls for how they’re going to capture that money,” adding that there is currently a “global rivalry” for green finance.

Analysts say that the Inflation Reduction Act (IRA), a significant piece of U.S. legislation passed last year, has changed how green investments are made worldwide. The bill sets aside $369 billion (£297 billion) for actions to combat climate change, and many businesses now consider America the ideal place to invest their money.

According to Chris Stark, the chief executive of the Climate Change Committee, a public organization that supports the UK government’s green policies, “there is excitement [about the US since the IRA].” Therefore, the issue for us is to spark excitement back in the UK.

In his Mission Zero report last month, Tory MP Chris Skidmore expressed that the UK is losing ground in its quest to achieve net zero emissions.

A lack of consistency in policy and restrictive planning laws for onshore wind and solar power generation were only two of the many problems listed by Mr. Skidmore as deterring private sector participation.

Emma Pinchbeck, the CEO of Energy UK, says, “We need to speed up planning and approval for renewables, network connections, and charging vehicles by a lot.”

“In this country, it takes 12 years to construct a wind farm while it only needs one.”

In response to the findings and criticisms of the strategy, a government official said that the UK was leading the world in fighting climate change.

By 2030, they claimed, “Our plans will sustain up to 480,000 jobs.” “To reach our goals, we are pushing for an unheard-of £100 billion investment from the private sector by 2030, which will be helped by £30 billion from the government since March 2021.”

Analysis by: Advocacy Unified Network

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