In the UK’s bleak economic landscape, the drive to net zero is a rare bit of good news – and it could also be an election winner, according to new research.
Britain’s net zero economy grew 9 per cent in 2023, say analysts at the Energy and Climate Intelligence Unit (ECIU). That was in a year when overall GDP grew just 0.1 per cent and the UK was in recession by December.
The boom was driven by the likes of solar panel installers, waste recycling plants and heat pump fitters enjoying plenty of business, with more than 750,000 jobs linked to net zero.
“Particularly in comparison to how much the general UK economy has not grown, the findings really are quite stark,” said Jess Ralston, an ECIU energy analyst.
Chancellor of the Exchequer Jeremy Hunt is being urged to cash in on the growth in Britain’s green sector when he delivers a pre-election Budget on March 6.
With the Labour opposition way ahead in the polls, campaigners are also looking to Keir Starmer’s party to keep the green ball rolling despite ditching a £28 billion ($35.51 billion) spending plan.
As the 2024 election looms – although the date is not yet decided – the new analysis says Britain’s hubs of net zero activity are disproportionately found in battleground seats.
Seven Conservative-held battlegrounds are in the top 25 net zero hotspots, meaning throwing a Budget bone to green industry could pay off on election day.
Mr Hunt has sought to temper hopes of pre-election giveaways, and is under huge pressure from the Conservative benches to use any fiscal wriggle room he does have for tax cuts.
Likewise, Mr Starmer’s decision that £28 billion a year for warmer homes and other green initiatives was no longer viable reflected a Labour desire to neutralise Tory attacks on its spending plans.
It means a vast British response to US President Joe Biden’s $369 billion Inflation Reduction Act, or similar net zero plans in the works in Europe, seems not to be on the cards for now.
Still, experts say extra spending is only one option on ministers’ menu and that plenty could be done to boost Britain’s green industry without reaching deep into Treasury pockets.
This could include relaxing planning rules, setting hard deadlines, guaranteeing prices for clean energy providers and using modest amounts of taxpayer money to “crowd in” more private investment.
“If you want a heat pump, for example, it can take six weeks to get permission to connect it to your home,” said Thomas Farquhar, founder of clean tech company Heatio.
“If your boiler’s broken and you need the heating back on for you and the kids, you can’t be waiting six weeks to get permission to plug a heat pump in.”
What business craves above all is certainty and Prime Minister Rishi Sunak caused some irritation by pushing back key net zero deadlines last year, seeking to draw election battle lines with Labour.
The ideal for UK businesses would be for all parties to talk up the green transition and a team of Cabinet Office officials to think long-term about net zero, said Louise Hellem of the Confederation of British Industry.
“In an election year we really do want to see all political parties strongly backing the green agenda. That will give confidence to investors. Members really don’t want to see net zero issues politicised,” she said.
On the Labour side, Mr Starmer is still promising to invest in green steel and battery factories, upgrade five million homes, block new oil and gas licences and raise money with a new windfall tax on energy companies.
However, the danger for Labour is that that Mr Hunt uses the Budget to spend as much as possible and limits the next government’s room for manoeuvre, said Sam Alvis of the think tank Public First.
“The problem with Labour saying we’ve rowed back on some of our policies, we also don’t think there’s any money left, we will stick with Tory plans on various tax cuts… is that it gives the Conservatives all the power,” Mr Alvis said.
“If they want to salt the earth, if they want to bind Labour in, then they can.”
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
COMPANY%20PROFILE
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Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The five pillars of Islam
