As demand rises for green products and services, the UK is well-positioned to benefit from this trend, with a wealth of academic and research resources that enable it to be at the forefront of technological discovery. A healthy business base also exists in the UK to convert these discoveries into opportunities and jobs, provided businesses can access the talent and skills they need to thrive.
The science and technology sector already makes a huge contribution to the UK’s economy, providing nearly one-in-ten jobs. That role can only grow in importance as a result of net zero. Indeed, the sector is expected to generate 65% of all new net zero-related jobs by 2050. The remaining 35% will be in sectors such as construction and building services.
This shows another reason why green technology is important – it not only helps achieve net zero, but it creates opportunities for businesses and the people they employ.
Here we explore the economic benefits of going green for the UK economy, as detailed in the Bruntwood SciTech report.
The share of jobs and wealth generation accounted for by businesses in the UK’s science and technology economy can be expected to grow significantly over the next 5 years and beyond
The recent success of northern English cities – like Leeds, Liverpool and Manchester – in growing their tech and life sciences sectors …. provides a further platform to rebalance the sectors’ national footprint over the coming years
The UK’s science and technology industries are a vital part of the UK economy: the sector generated gross value added worth an estimated £225 billion in 2020
The business opportunities linked to net zero transition can be expected to yield significant financial benefits in turns of additional business turnover for employers in the science and technology sector
A green economy is defined as low carbon, resource efficient and socially inclusive. In a green economy, income and employment are driven by public and private investment into activities that reduce carbon emissions and prevent the loss of biodiversity. A green economy definition is profit with purpose at its heart. Similarly, green investment funds consists of investment activities that focus on companies or projects committed to the conservation of natural resources. Some green economy examples are sectors including: clean energy, green buildings, sustainable transport, water management, waste management and land management.
The UN Environment-led Green Economy Initiative, launched in late 2008, emphasises the importance of green economy. The Green Economy Initiative is a coalition of organisations with a collective objective to provide the analysis and policy support for investing in green sectors and facilitating green economic growth (source).
Blue economy principles question how we produce and consume things, with a focus on using all resources efficiently and using waste to make new products where possible.
The principles of the blue economy are based on natural ecosystems, encouraging people to use all waste, consuming locally and making and using only what is essential.
The circular economy means moving away from our current – and enormously wasteful – economic model of ‘take, make, throw away’, in which resources are extracted, turned into products, used, and discarded. A circular green economy improves resource efficiency and reduces environmental impact on natural capital by designing products in a more sustainable way.