UK Could Unlock £70bn Annually as Major Clean Energy Exporter

Report Suggests the UK Could Generate £17bn of Green Electricity to Europe Each Year and Create Nearly 280,000 New Jobs by Surpassing Clean Electricity Generation Projections for 2050.

Former government economist predicts UK's potential to unlock £70bn annually by becoming a major clean energy exporter to mainland Europe.

A recent report indicates that by surpassing current clean electricity generation projections for 2050 by 50%, the UK could establish itself as a clean energy superpower and export £17bn of green electricity to Europe each year. This ambitious goal of exceeding domestic climate targets could also lead to the creation of 279,000 new British jobs and support a total of 654,000 jobs in the UK's clean energy industries.

According to an analysis conducted by Chris Walker, a former government economist for the UK Business Council for Sustainable Development, it is "plausible" for the UK to transition from a net energy importer to an exporter of green electricity, thereby gaining a competitive advantage in the global pursuit of achieving "net zero" emissions. Walker suggests that by going "beyond net zero," the UK's economy would attract substantial private investment on a global scale, doubling the projected annual economic benefit of £35bn under the current trajectory.

The report emphasizes the UK's exceptional strengths in clean energy generation and asserts that the country is uniquely positioned to lead in the race to net zero, which would result in significant and sustained economic growth, heightened productivity, and increased exports. However, it also highlights the need for crucial public policy decisions and substantial investment from the private sector to capitalize on these advantages and solidify the UK's leadership position.

Jason Longhurst, the chair of the UK Business Council for Sustainable Development, highlights the immense potential for the UK to generate substantial amounts of clean energy, transforming the nation from a net energy importer into a major exporter of clean power worth £17bn annually to mainland Europe. He believes that the report provides an evidence base for the government to introduce new incentives, attract additional private sector investment, and position the UK as one of the world's most attractive markets for companies addressing climate change challenges.