Net zero sceptics routinely claim that going green is a drag on the economy, but new figures provide further evidence to the contrary.
According to a report by the Energy and Climate Intelligence Unit (ECIU) and the Confederation of British Industry (CBI), while the UK economy grew by just 0.1% in 2023, its burgeoning ‘net zero economy’ grew by 9% last year.
The analysis found that companies operating in the low-carbon sector – including renewables, battery storage and green finance – added £74bn to the UK economy. What’s more, green jobs were found to be better paid, with the average ‘net zero salary’ coming in at £44,600, compared to the UK average of £35,400.
“Against the backdrop of economic stagnation, the net zero economy is bucking the trend, but it’s clear that the policy U-turns of the past year have damaged investor confidence at a time when the US and EU are investing billions to compete for clean industries,” said ECIU director Peter Chalkley.
“The question now is: will political parties provide the leadership, stability and investment needed to generate further growth or shy away from the global race for net zero?”
The UK data come weeks after a separate report revealed that low-carbon industries are now the main driver of China’s economy.
Image: Peter Cade/Getty
