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Britain’s renewable industry opportunity

Recycling symbol and lightbulbWe’ve all gone a bit numb to news on our failing economy, as the doom laden words ‘double dip recession’ can be heard on every news bulletin. But there’s a small glimmer of hope say some industry watchers, so long as we can get our act together to focus on an emerging and growing part of the world economy – green business. In a report launched this week the Confederation of British Industry (CBI) says that green is the colour of growth.

The report’s research estimates a massive £20bn could be added to the British Economy from green jobs and investment. But the report also warns that unless the government focuses on this opportunity, it could pass the UK by as other nations rebuild their economies around climate change and carbon reduction technologies and become more competitive.

Green business is growing in the UK and has a 2.3% share of the total world market, representing 8% of GDP or £122 billion. The CBI research estimates the UK’s green business sector also accounted for as much as a third of all growth in 2011/12. With impressive statistics like these, the CBI is urging the government to do more to make the sector more competitive and support its growth. It wants it to do this by reducing red tape, support energy intensive businesses make the changes they need to decarbonise. They say what’s needed is stronger political leadership in this area, a strategic policy framework that makes it easier to build strong, confident green businesses in the UK.

John Cridland, CBI Director General said, ‘Good green policy has to be good industrial policy to. We should work out where we can be world leaders and focus on building our competitiveness and getting into those supply chains.’

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