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Summary
- Confederation of British Industry has said that the UK could unlock business growth opportunities worth up to £700 billion by 2030.
- The CBI report recommended actions such as regulatory reforms in investment and innovation, scaling up economic clusters in UK’s regions.
The UK’s decarbonization and sustainability push has increasingly gathered momentum as the country aims to meet its ambitious net zero emissions target by 2050. According to a recent report by the UK’s business lobby group, Confederation of British Industry (CBI), the UK could unlock business growth opportunities worth up to £700 billion by 2030 and a net 240,000 jobs could be created by focusing on decarbonization, innovation, increasing trade and other factors if it can capitalise on its early mover advantage.
The jobs are expected to be created in towns and cities outside of London and the south-east region, which could help boost the regional economies across the UK. The CBI report also highlighted that the UK could increase its electric vehicle and battery sales to the EU by £18 billion over the next ten years, while UK businesses could capture up to £8 billion in additional revenues by exporting hydrogen electrolyser production to the EU.
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The UK’s failure to adopt the radical economic reforms necessary for capturing the business opportunities could lead to further deepening the low productivity levels and social division faced by the country since the financial crisis of 2008.
Also Read: UK Government’s £166.5 Million Cash Boost to Green Technology
However, the UK’s erratic weather could prove to be a challenge unless policymaker’s act. According to a report by Imperial College of London for energy company Drax Group Plc (LON: DRX), wind output fell to 0.6 GW on 3 March from 18.1 GW last month. The company’s shares were down by about a per cent on Friday, 4 June 2021 at 15:03 PM, trading at GBX 442.60.
The CBI report recommended actions such as regulatory reforms in investment and innovation, scaling up economic clusters in UK’s regions, skills training, unlocking financing across the value chain and highlighting a long-term tax roadmap to help realize the UK’s growth opportunity.