- Making the most of 27 green growth prizes could deliver a £57bn boost to GDP by 2030
- We don’t have to outspend the US, we need to outsmart our competitors
- We can do that by focusing on policy certainty, financial incentives and delivery
It’s the CBI’s mission to support sustainable growth for the benefit of society. And our members are clear: realising the opportunities in green growth will be a big part of helping the UK realise its full potential.
But the clock is ticking on making the most of the opportunities. The US Inflation Reduction Act has changed the game on global green investment. The EU Net Zero Industry Act is increasing the competition still further. This means the UK can’t just address the issues “around the edges” of the green economy. To be truly in the race, we need to get more strategic, more ambitious, and act with more agility.
Our report, Going for Green, sets out how the UK government can help make that happen, with the private sector firmly behind them.
Combining extensive member input with expert analysis from our economists, we show that making the most of 27 green growth prizes could deliver a £37-57bn boost to GDP by 2030. That’s equivalent to between 1.6% and 2.4% of GDP.
Making green growth a priority requires a change of mindset as much as it needs changes in policy. Net zero needs to become embedded across the architecture of government and designated as a key consideration when devising tax and regulatory policy.
So we’re proposing a series of measures to help the UK move urgently into delivery mode to secure investment, boost supply chains and create green jobs. These include:
- delivering a clear and stable policy environment to build business confidence, with all political parties putting green growth at the heart of their manifestos ahead of the forthcoming General Election
- devising a comprehensive and competitive set of incentives to enable investment in the green economy
- driving efficiency and improved coordination of delivery mechanisms, between government departments, regions and nations, and on skills and planning too.