The UK could unlock £57 billion for the economy by 2030 through a green industrial strategy, according to the Confederation of British Industry (CBI).
The CBI has called on governments to mandate it test policies against UK climate commitments and force the Treasury and the Office for Budget Responsibility to provide an estimate of government taxation and climate spending.
These measures, together with a new green industrial strategy, could save between £37bn and £57bn in additional economic output, says the CBI.
Ryan Newton-Smith, director general of the CBI, believes launching an industrial strategy could prevent the UK from losing tens of billions in growth as “businesses believe the US Inflation Act, Net Industry Zero Act and other countries” have altered the ambitious stimulus packages developed in their wake. the game “.
“The awards on offer have been recognized by other countries and are rapidly ramping up their plans and spending to attract green industries of the future,” she added.
In response to the news, Lemonas Norica, CEO of Heavy Financecommented: “Decarbonization efforts must be intensified across Europe, not only to unlock the billions claimed by the CBI, but to achieve the global Net Zero targets. Carbon reduction should be a major focus for governments and businesses, fostering action and innovation to drive measures Decarbonization such as retrofitting or promoting sustainable investments such as Article 9 funds in order to lead more organizations to make a positive impact on the climate.”
“Article 9 funds, in particular, can play an important role in decarbonization efforts, supporting sectors including agriculture that can provide sustainable food production through zero-till farming, and reducing emissions while supporting resilient food production. The cost of inaction It will cause the UK and major players in Europe to lose billions on offer and backtrack on climate targets.”
The news follows a meeting between Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry where they called for increased support for developing countries and emerging markets in addressing the climate crisis.