Net Zero Review: UK could do more to reap economic benefits of green growth

Published by Rupert Douglas on January 13th 2023, 9:05am

Former energy minister, Chris Skidmore MP, has released the 'Mission Zero' report on recommendations for achieving net zero. The report highlights the fact that the UK’s leadership on tackling climate change has delivered real change at home and led to a global transformation – but more should be done to reap the economic benefits. 

"We should be proud of the lead the UK has taken in tackling climate change, having exceeded expectations so far in our race to net zero emissions by 2050. As essential as that is environmentally, it also puts us at an economic advantage globally," said Chris Skidmore, MP and Chair of the Net Zero Review. His review, Mission Zero, contains 129 recommendations for maximizing economic investment, opportunities, and jobs while working towards legally binding targets to reach net zero carbon emissions by 2050.

"We lead in areas including clean technologies, science, manufacturing and green finance – areas that, if managed right, can lead to new jobs and strong economic growth," Skidmore added.

Business and Energy Secretary Grant Shapps also commented on the review, stating, "With a wealth of talent and expertise, and a track record to be proud of, the UK is well placed to ensure that tackling climate change also brings new jobs and investment for businesses and communities."

Skidmore's recommendations include: supporting business by reviewing incentives for investment in decarbonization, launching a "Help to Grow Green" campaign for small businesses, and reforming the planning system to put net zero at its heart; backing local action by supporting at least one "Trailblazer Net Zero City"; delivering energy efficient homes by legislating for the "Future Homes Standard" and promoting heat pumps; and using infrastructure to unlock net zero by developing a cross-sectoral infrastructure strategy by 2025 to support the building and adaptation for new green energy sources such as hydrogen.

According to official statistics, there are already around 400,000 jobs in low carbon businesses and their supply chains across the UK, with turnover estimated at £41.2 billion in 2020. The British Energy Security Strategy and Net Zero Strategy aim to leverage an additional and unprecedented £100 billion of private investment, while supporting an additional 480,000 British jobs by 2030.

Responses to the review include praise from Professor Lord Stern of Brentford, Chair of the Grantham Research Institute on Climate Change at the London School of Economics and Political Science, who said, "Chris Skidmore and his team deserve great credit for carrying out a rigorous, robust, and inclusive review of the evidence on the economics of the UK’s net-zero transition."

In addition to the support from the business and energy sector, Skidmore's report also received support from environmental groups and experts.

"The Net Zero review is a bold and ambitious plan that sets out a comprehensive and coherent strategy for achieving net zero emissions in the UK. It is a blueprint for a green and just recovery that can create jobs, increase resilience and reduce poverty," said Dr. Doug Parr, Chief Scientist at Greenpeace UK.

Professor Jim Watson, Director of the UK Energy Research Centre, also praised the report, saying "The Net Zero Review is a vital contribution to the UK's efforts to reach net zero emissions, and provides a comprehensive set of recommendations to achieve this goal. It is a key step in the right direction towards a sustainable and prosperous future for the UK."

Overall, Skidmore's report emphasizes the potential for economic growth and job creation through the transition to a low-carbon economy, and calls for decisive action from the government to capitalize on this opportunity. As Skidmore stated, "My recommendations are designed to make the most of this historic opportunity, covering the length and breadth of our economy, so that people in every part of the country can reap the benefits of this both in their communities, and in their pockets."

Photo by American Public Power Association on Unsplash

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Rupert Douglas
Junior Editor
January 13th 2023, 9:05am

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