The low-carbon economy is a carbon constrained economy. One in which our use of fossil fuels is cut dramatically. The Climate Change Act requires an 80 per cent cut in carbon emissions by 2050.
The move to a low-carbon economy requires a technological revolution in energy use and supply – a revolution in goods and services that will transform the economic landscape.
Since the publication of Climate change - everyone’s business the CBI has urged government to speed up the pace of action on climate change.
This revolution will also be driven by volatile and rising fossil fuel costs and concern about fuel security, particularly if oil production peaks1. As oil and gas prices increase, the economic incentives to develop low-carbon goods and services intensify.
There are a range of new markets that will characterise a low-carbon economy; new financial markets in carbon trading; new markets in renewables and low-carbon energy sources; markets in energy efficiency; research and development opportunities, for example in transport technology.
There will be impacts on existing sectors – forestry and agriculture, construction and refurbishment, travel and tourism, distribution and logistics. Public services will need to be climate proofed – for example, our schools, hospitals and care homes need to offer more effective cooling during extreme summer heat.
The markets are considerable. The environmental goods and services sector is estimated at £25bn and around 400,000 employees and projections have suggested that the market will grow to £46bn by 20152.
The government has said that reaching a 15 per cent renewable energy target by 2050 will require investment of £100bn.
The framework for the low-carbon economy operates at the national level – the fiscal and regulatory framework set by government.
Our analysis shows that the opportunities for practical action to develop a low-carbon economy are likely to vary between functional economic areas.
why developing local low-carbon economies matters?
The environmental case for developing a lowcarbon economy is well rehearsed, and there is a growing awareness of the risks associated with dependence on imported fossil fuels and the threat posed by peak oil. As we write there is a stand off between Russia and the Ukraine
that has cut off gas supplies to many countries in Europe
There are six principal economic drivers for the development of local low-carbon economies.
First, the growth rates of markets in low-carbon goods and services are outstripping other sectors and offer a route out of the recession.
The environmental technology sector is likely to grow at a faster rate than the rest of the economy3. The low-carbon economy offers the potential to create new businesses, provide new opportunities for existing businesses, and in doing so create and support jobs.
The government has said that reaching a 15 per cent renewable energy target by 2050 will require investment of £100bn.
The framework for the low-carbon economy operates at the national level – the fiscal and regulatory framework set by government.
Our analysis shows that the opportunities for practical action to develop a low-carbon economy are likely to vary between functional economic areas.
why developing local low-carbon economies matters?
The environmental case for developing a lowcarbon economy is well rehearsed, and there is a growing awareness of the risks associated with dependence on imported fossil fuels and the threat posed by peak oil. As we write there is a stand off between Russia and the Ukraine
that has cut off gas supplies to many countries in Europe
There are six principal economic drivers for the development of local low-carbon economies.
First, the growth rates of markets in low-carbon goods and services are outstripping other sectors and offer a route out of the recession.
The environmental technology sector is likely to grow at a faster rate than the rest of the economy3. The low-carbon economy offers the potential to create new businesses, provide new opportunities for existing businesses, and in doing so create and support jobs.
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