The UK’s clean growth strategy, published in October 2017, sets out how the UK can grow while cutting greenhouse gas emissions.
The economic opportunity in clean business is huge.
Countries and companies need to invest around $13.5 trillion in the energy sector alone if we are to meet the Paris committments to keep the rise in global temperature below 2 degrees.
At the same time the UK wants to keep bills low – so the reduction in emissions needs to come from the cheapest technologies, processes and systems.
The UK plans to invest £2.5 billion from 2015 to 2021 in low carbon innovation.
33% of this will go into transport, with petrol and diesel cars killed off by 2040, a shift to electric and ultra low emission vehicles (ULEVs), more cycling and walking and improved logistics.
25% will be spent on power with a focus on smart systems, nuclear, price controls and ongoing work in renewables.
4% will go towards land use and waste, with new support mechanisms after the UK leaves the EU, planting new forests, having zero avoidable waste by 2050 and investing in agri-tech, land use, greenhouse gas removal technology.
10% is targeted at smart systems including storage, demand response, nuclear and offshore wind.
Homes will get around 7% to upgrade home energy efficiency measures, smart meters, a roll out of low carbon heating and new requirements for control systems.
Business and industry will get 7% spent on them to develop a package of measures to support them in increasing “energy productivity” by 20% by 2030.
This includes minimum standards on energy efficiency, helping businesses identify where they can cut bills and industrial schemes to help large companies install energy efficiency measures and support heat recycling.
Innovation will also be supported through the ongoing Energy Entrepreneurs Fund.
The purpose of this document is to set out a framework for action.
It’s then time for businesses, investors and innovators to go after the economic opportunities out there…