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

My TL;DR:

The UK’s net zero economy grew by 9% in 2023, a report has revealed, in stark contrast to the 0.1% growth seen in the economy overall. This includes renewable energy, building energy efficiency, electric vehicles, carbon capture technology and green finance.

Thousands of new green companies were founded in 2023 and overall the sector was responsible for the production of £74bn in goods and services and 765,000 jobs.

Hotspots of net zero businesses and the well-paid jobs they provide occur across the country, rather than being concentrated in London and the south-east. It also highlighted strong net zero activity in some of the most deprived areas (including Hartlepool, Nottingham, Redcar and Cleveland) and in marginal constituencies that will be focal battlegrounds in the coming general election (including High Peak, Cheadle, Derby North, and Lancaster and Wyre).

Achieving net zero emissions by 2050 is vital to limiting the damage from the climate crisis. Doing so would not only bring an economic boost but also cut energy costs for households and businesses and ensure energy security by ending the UK’s reliance on volatile fossil fuel markets.

Nevertheless, the report pointed out that strong future growth from green businesses was being put at risk by government policy reversals, lack of investment and competition from the EU and US.