Is Net Zero the key to UK economic growth?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

UK renewable energy news is currently ablaze following the release of the Energy and Climate Intelligence Unit (ECIU)’s newest report, claiming that the Net Zero economy grew by an impressive 9% in 2023.

The ECIU’s report, which incorporates contributions from CBI Economics and The Data City, found that the UK's Net Zero economy stood at £74bn last year and, in total, sectors that enable the Net Zero transition accounted for almost 4% of the national economy.

For some, this comes as a great shock as, during the same period - a period fraught with recession, rising energy costs and a cost of living crisis - GDP grew by just 0.1%.

What makes this even more interesting is that the report calculated Net Zero businesses achieved nearly £21bn in investment from 2018 to 2022 from both public and private funders where around £6.2bn of investment was secured in 2022 alone.

The report then goes on to state that Net Zero jobs are ‘highly productive’, generating £114,300 in economic activity and, indeed, significantly better paid, averaging around £10,000 more per year in wages.

ECIU’s fascinating report indicates that the renewable energy sector, driven by Net Zero policies and values, is growing rapidly and, especially amidst an otherwise uncertain economy, could be the key to UK economic growth; provided, of course, that confidence in, positive public opinion of and investment in the renewable energy sector and the UK’s Net Zero policies remain strong.