This report sponsored by Energy UK uses Oxford Economics’ Global Climate Service to understand the implications for the UK of the different routes to achieving Net Zero. As well as changing the shape of the UK economy, the transition to Net Zero could deliver significant benefits for the UK.
Oxford Economics Industry Climate Service examines the different pathways to achieving Net Zero. Under the most optimistic Net Zero Transformation Scenario, by 2050 the UK economy could be up to £240 billion larger than the baseline scenario, in today’s prices. This is equivalent to the size of the whole UK manufacturing sector today.
The transition to Net Zero creates a significant change in economic activity across many sectors, alongside an opportunity to create new value streams. The electricity generation, manufacturing, and construction sectors are all expected to benefit from the large investment boost necessary to decarbonise the economy. Although sectors in the fossil fuel sector are expected to decline, these sectors are relatively small in the UK. Moreover, there are expected to be significant opportunities for these workers to transition to jobs in sectors with related skills such as carbon capture, usage, and storage (CCUS) and floating offshore wind.
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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.
Senior Economist, Industry
Director of Industry Consulting
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