Investment in the Low Carbon and Renewable Energy Economy (LCREE) sector increased by 48% between 2015 and 2018.
That’s according to a new report published by the Office for National Statistics (ONS), which outlines a series of estimates relating to the UK’s green economy, covering aspects such as turnover, employment, investment and trade.
It notes total investment reached £8.1 billion in 2018, without taking inflation into account – the ONS suggests this was largely due to a rise in acquisitions by the offshore wind sector, which rose by £3.5 billion between 2015 and 2018.
The statistics estimated turnover in the UK’s LCREE reached £46.7 billion in current prices during 2018, while there were 224,800 full-time equivalent (FTE) workers, up from 200,800 FTE in 2015.
The energy-efficient products sector remained the largest component of the UK LCREE in 2018, accounting for 36% of turnover and 51% of employment.
The largest proportion of the sector’s turnover and employment during the year was from businesses in the manufacturing industry, which account for around a third of both money generated and jobs.
The low emission vehicles sector accounted for 59% of total UK LCREE exports in 2018, making up £3.1 billion out of a total of £5.3 billion in 2018.