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UK’s net zero economy grows 9%

In 2023, the UK's net zero economy surged by 9%, hitting £74 billion in value, while the overall economy saw minimal growth at 0.1%, according to a report

The UK’s net zero economy grew by 9% in 2023, according to a report by the Energy and Climate Intelligence Unit (ECIU), with contributions from CBI Economics and The Data City.

This growth amounted to £74 billion in gross value added, contrasting sharply with the wider economic landscape, where GDP grew by just 0.1% during the same period.

CBI Economics warns that without further investment and policy stability, future growth may be jeopardized as the US and EU compete for clean industries.

Jobs in the net zero economy are shown to be highly productive, generating £114,300 in economic activity and better paid with an average salary of £44,600, compared to the UK average of £35,400.

Geographically, Scotland, Wales and the Midlands show strong net zero economies, while London has the lowest proportion of businesses in net zero sectors.

Key electoral battlegrounds in England and Wales are three times more likely to be net zero economic ‘hotspots’.

Commenting on the net zero economy report, Energy UK’s Deputy Director Adam Berman said: “This report illustrates how net zero can be the key to our future economic growth and prosperity.

“The net zero sector is already outpacing the wider economy, attracting investment, providing high quality employment and, crucially, delivering these benefits to regions right across the UK, including those areas in most need of an economic boost.

“The prize is clear if we fully seize the opportunities on offer but we cannot take that for granted with growing international competition for clean investment.

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