Comment on Net-Zero Industry Act

Commenting on the publication of the Net-Zero Industry Act by the European Commission [1], Gareth Redmond-King, Head of International Programme at the Energy and Climate Intelligence Unit (ECIU) said: “The EU Commission’s proposals, in response to US billions in green subsidies, represent something of a race to the top. The economic, health, and climate benefits of the clean transition appear to be driving two of the biggest economies in the world to compete on who can invest most and move fastest.

“British businesses, politicians and investors have warned with increasing urgency that the UK risks being left behind in this global gallop for green growth. As the IMF forecasts a shrinking UK economy, and even BP acknowledge energy security means faster transition to renewables, will the UK Government heed these warnings? As it stands, this week's budget contains little to nurture – far less grow – the £71bn and 840,000 jobs that net zero is worth to the British economy.”[2]

ENDS

Notes to editors:

1. Net-Zero Industry Act: Making the EU the home of clean technologies manufacturing and green jobs: https://ec.europa.eu/commission/presscorner/detail/en/IP_23_1665
2. Analysis by CBI Economics for ECIU found businesses within the net zero economy in the UK are contributing £71 billion in Gross Value Added (GVA) to the UK economy and support 840,000 jobs: https://eciu.net/analysis/reports/2023/mapping-the-uk-net-zero-economy

For more information:

George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: george.smeeton@eciu.net