According to a new report from the Department for Business, Innovation and Skills, the UK green economy saw record growth last year with an increase of £5.4 billion. That now puts the UK green goods and services market past the £122 billion mark. The study also finds that the sector is responsible for creating one million jobs in Great Britain.
Compared to 2009/2010, the green sector grew 4.7% against the previous figure of £116.8 billion, highlighting its ability to defy the slow growth that inflicted the rest of the economy. The report also reveals that despite earlier reports that the UK’s commitment to green energy was waning, the country actually comfortably outperformed the worldwide Low Carbon and Environmental Goods and Services (LCEGS) market, which expanded by 3.7% to £3.3 trillion.
So what industries are providing a boon to the sector? According to the report, low carbon sales activities accounted for £1.6 trillion of this growth with around 48%. Renewable energy produced £1 trillion, while environmental goods and services accounting for £700 billion. As a result, the UK has managed to secure a 3.7% share of the global market and become the sixth largest LCEGS sector in the world, behind the US with £645 billion, China with £435 billion, Japan with £205 billion, India at just under £205 billion, and Germany at £140 billion.
With reports stating that the UK has the potential to generate 90% of its energy from renewable sources, this is excellent news. The UK carbon financing and wave and tidal energy sectors have all seen growth and rank second and fifth in the world respectively. Meanwhile, alternative fuels, building technologies and wind energy form the three largest components of the UK’s LCEGS sector.
What is most interesting though is the numbers of jobs created. Whereas certain countries have dimissed the green sector’s job creation potential, in the UK employment within the industry jumped 2.8% over the year to 939,627, which the report notes is “the first really positive sign of employment growth in the sector since the recession in 2008”.
So there you go. Green industries – good for the economy as well as the environment.
via The Guardian