The UK could unlock £57 billion for the economy by 2030 through green investment, according to the Confederation of British Industry (CBI).
A new report published by the CBI highlights 27 green growth ‘prizes’ across seven key themes; electric vehicles; low-carbon power; heating and insulation; green services; hydrogen; carbon capture utilisation and storage; and biofuels.
The CBI has called for governments to be mandated to test policies against the UK’s climate commitments and for the Treasury and Office for Budget Responsibility to provide an estimate from government tax and spending on the climate. It believes that delivering a clear and stable policy environment will build business confidence, with all political parties urged to place green growth at the heart of their manifestos ahead of the forthcoming General Election.
These actions, alongside a new green industrial strategy, could provide between £37 and £57 billion of additional economic output, it says.
Rain Newton-Smith, director General of the CBI, said: “Urgent action is needed to limit the rise in global temperatures and its catastrophic impacts on our plant and people’s lives. This is a global race the UK has the strategic potential to lead. And although the UK may not have the fiscal scope to outspend our competitors, we can leverage our regulatory expertise and policy environment to stand out and get ahead. But we need to focus on delivery, and fast, government and business together.”
Laimonas Noreika, CEO of HeavyFinance, said: “Decarbonisation efforts across Europe need to ramp up, not only to unlock the billions claimed by the CBI but to hit global Net Zero goals. Carbon reduction should be a central focus of governments and businesses, promoting action and innovation to drive decarbonisation measures such as retrofitting or promoting sustainable investments such as Article 9 Funds in order to lead more organisations to make a positive climate impact.”
“Article 9 Funds, in particular, can play a significant role in decarbonisation efforts, supporting sectors including agriculture that can deliver sustainable food production through no-tillage farming, reducing emissions while supporting resilient food production.
“The cost of inaction will only see the UK and major players in Europe miss out on the billions on offer and further fall behind climate targets.”
