Wales key to driving ‘green growth’ in Britain’s economy says new research
Wales is key to driving ‘green growth’ in the UK’s economy, according to new research.
The Green Growth Index, produced by Lloyds Banking Group and Oxford Economics, looked at measures including innovation, skills and infrastructure to rate each region and nation in the UK on its potential for growth. Scotland received the highest score with 80.6, followed by Wales on 63.5.
London came bottom of the Green Growth Index, with a score of 36.5, with Northern Ireland second bottom on 42.7.
The research suggests that at least £1.4 trillion is expected to be spent across the UK between 2020 and 2050 as part of the move to a low-carbon economy and renewable energy.
Up to 2.5 million jobs are forecast to be created over that time span in green industries, with many of those in Wales, they said.
The Welsh workforce already accounts for almost 5% of the UK’s green economy jobs, and strong future growth in the energy sector is expected in Wales.
However, a high percentage of Welsh jobs than Scotland are still in high emitting sectors, presenting challenges to the balance of the nation’s economy.
The Welsh Government created a new Department for Climate Change following May’s Senedd election, with a minister and deputy minister for climate change appointed.
In June the Deputy Minister for Climate Change, Lee Waters, announced a freeze on all new road-building projects in Wales while a review is carried out by the Welsh Government.
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Anyone who thinks this is meant to benefit Wales needs their head checked.
Imperative that we own these assets otherwise profits will fly straight out of Welsh economy towards the London Hedge funds etc.
This is a great opportunity for us, a chance to sustainably growo our economy from the inside – no more reliance on inward investment that often chooses to shut up shop five years down the line!
Who knows – this may be our chance to grow the economy to a point where independence becomes financially attractive rather than a leap of faith,