This report sponsored by Energy UK uses Oxford Economics’ City Climate Service to examine the regional impacts of the transition to Net Zero. It explores the potential for decarbonisation to close regional disparities and gives examples of areas which have current or future specialisms in decarbonisation technologies.
The transition to Net Zero has the potential to bring economic growth to all parts of the UK. Under the most optimistic transition to Net Zero Scenario, we estimate that by 2050 regions outside of London and the South East could see a GDP boost of £141 billion in today’s prices. This is more than the current contribution to UK GDP made by Northern Ireland and Wales combined.
The transition to Net Zero provides local areas with opportunities to specialise and grow new industries. For example, areas with a large concentration of carbon-intensive industries and a proximity to depleted oil and gas fields are well suited to develop industrial carbon capture, usage, and storage (CCUS) sites.
Many regions that host large manufacturing sectors are expected to benefit from the green transition because of the need to manufacture products such as wind turbines and equipment needed to power electrification. Moreover, wind, solar, and other low-carbon power producers provide high wage employment in rural areas, where employment opportunities and earnings are less plentiful than elsewhere. Oxford Economics’ Industry climate service provides more detail on the impact of the transition to Net Zero on different industries.
To download the report, please complete the form below.
The experts behind the research
Our Industry Consulting team are among the world’s leading analysts of a variety of industrial sectors. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients.
Director of Industry Consulting
Read the report
Complete the form below to download the report.
Recent related reports
Finance and Sustainability are Natural Partners
Every year, the Conference of the Parties on Climate Change captures the world's attention for a few weeks as government, scientific and business leaders take stock, align activities, and strive for real progress on climate change — as is currently underway at COP28 in UAE.Find Out More
Industry in the age of the energy transition
This 5-page report identifies five key themes that will shape our Industry Climate Service research agenda over the course of 2024. The energy transition will have a significant impact on industrial activity this decade across several dimensions. Alongside the need for industry to urgently decarbonise its own activities, it will also play an instrumental role in the production of the low-carbon technologies necessary for decarbonisation in other sectors of the economy.Find Out More
Greenomics – Ep. 5 | Building a Greener Tomorrow: Climate Compatible Construction
A discussion of the crucial role of climate-ready buildings in the global push towards a net-zero future. They delve into sustainable construction practices, the importance of regulations, retrofitting existing buildings, and behavioural changes to create environmentally friendly homes. The conversation also touches on the economic challenges and choices associated with transitioning to sustainable living.Find Out More
Closing the Gap: Attracting more women into construction is key to Net Zero.
Senior Economist Sarah Nelson expands on why women hold the key to achieving the all-important net zero target in the construction sector in Construction UK Magazine – End Of Year Review Edition 2023.Find Out More