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Mar 1, 2024 | News

The UK’s green economics defied critics

Net zero sceptics claim that going green is a drag to the economy. But new figures show the opposite.

According to a report from the Energy and Climate Intelligence Unit and the Confederation of British Industry, while the UK’s economy grew only by 0.1% in 2023, its burgeoning net zero economy’ grew 9% last year.

The analysis revealed that companies in the low-carbon industry, including renewables and battery storage, added PS74bn (£74bn) to the UK’s economy. Green jobs are also better paid. The average ‘net-zero salary’ is PS44,600 compared to the UK’s average of PS35,000.

“Against a backdrop of economic stagnation, the net zero economy is bucking the trend. But it’s clear that policy U-turns in the past year have damaged investors confidence at a moment when the US and EU invest billions for clean industries,” said ECIU Director Peter Chalkley.

The UK data comes weeks after another report revealed that China’s economy is now primarily driven by low-carbon industries.

Image: Peter Cade/Getty

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