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UK Green Growth Index: Challenges and opportunities from the net zero transition across the nations and regions of the UK
The transition to net zero will require substantial investment and adaptation right across the UK economy. This will create unique opportunities for British businesses to innovate, produce, and supply the goods and services needed to enable the transition, not only in the UK but globally. At the same time, for many parts of the economy the transition will create challenges due to the need to adapt products, processes, and skills. Our UK Green Growth Index, produced on behalf of Lloyds Banking Group, assesses the degree to which each UK nation and region may be impacted by these challenges, and how well placed they are to capitalise on green growth.
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Overview
This study builds on our earlier research for Lloyds Banking Group which reviewed evidence on the economic implications for the UK of the transition to a net zero future. From that review it was clear that different parts of the UK will face different challenges and opportunities from the net zero transition, reflecting differences in their industrial structures, skills endowments, and innovative capacities. In this second study we develop a “UK Green Growth Index” to assess which UK nations and regions may be most exposed to the challenges posed by the net zero transition, and where there may be greatest scope to capitalise on the growth of the green economy.
What you will learn:
Our analysis of green growth opportunities is based on four themes:
Base of green industry
Parts of the UK with a current or expected future base of green activity may be better placed to capitalise on green growth opportunities.
Renewable energy
Areas with a larger existing renewable energy sector may be more likely to have the skills, expertise and infrastructure to build on this in future.
Skills and training
Areas with highly skilled workers in relevant fields may be better placed to adapt to and enable the innovation needed to drive the transition.
Innovation
A stronger base of innovative activity may mean that a nation or region is better placed to develop the technologies and techniques needed to decarbonise its economy and capitalise on green growth opportunities.