Monday 15 May 2023

‘UK could see £70bn a year by becoming renewable superpower’

If Britain goes full throttle on its renewable production, it could generate £70 billion each year in export sales.

That’s according to economist Chris Walker, who contributed to the latest report by the UK Business Council for Sustainable Development.

The analysis reveals that if the UK increases its estimations for renewable production by 2050 by 50% it could become one of the world’s green superpowers.

This would see the country producing more renewable energy than it needs, growing its position in the international market and creating 280,000 new jobs.

Mr Walker explained that if Britain went “beyond net zero” in its energy generation, it would double the £35 billion economic benefits that are currently projected for its pathway to 2050.

The report read: “The UK’s strong competitive advantages in clean energy generation mean it is uniquely well positioned in the race to net zero which can deliver significant and sustained economic growth, raised productivity and increased exports.”

Policymakers will be critical in realising this opportunity, the report stresses.

Jason Longhurst, Chair of the UK Business Council for Sustainable Development, added: “This paper delivers an evidence base to enable our government to drive new incentives to transition, leverage in further private sector investment and position the UK as one of the world’s most investable markets for companies tackling the challenges created by climate change.”