Do you know that the UK’s transition to a greener economy has brought with it a net worth of £71 billion and jobs and investment to areas experiencing industrial decline, according to a report by the Confederation of British Industry (CBI)?

Scotland and English regions, such as Tyneside, Teeside, Merseyside, and the Humber, have performed particularly well in the green economy, contributing more to growth than London and the South East. The report also states that green jobs pay significantly more, with an average wage of £42,600 compared to the national average of £33,400. However, despite the UK’s strong position in green technology, particularly offshore wind, its leadership is at risk as other countries, including the US, now offer a more attractive destination for green funding. This has led some to express concern that the UK is losing momentum in the race to reach net-zero emissions. The passing of the Inflation Reduction Act in the US, which allocates $369 billion towards climate change, has shifted the global dynamic for green investment, making the US a more attractive destination.

In response, the UK government has said it is leading the world in tackling climate change, with plans to support up to 480,000 jobs by 2030, driven by £100 billion in private sector investment and £30 billion in government funding since March 2021. However, others have called for a quicker pace of planning and consent for renewables and vehicle charging to ensure that the UK remains a leading destination for green investment. The chief executive of Energy UK, Emma Pinchbeck, said it takes 12 years to build a wind farm in the UK, when it should take one.