Low-carbon sector predicted to outpace GDP
The UK low-carbon economy could grow faster than average GDP up to 2050, according to research undertaken for the Committee on Climate Change (CCC).
Consultancy Ricardo predicts that the sector will experience growth of 11% a year up to 2020, and 4% between 2030 and 2050. This is much higher than the 2.3% growth forecast by the Organisation for Economic Co-operation and Development for the overall UK economy. In its report, Ricardo said it expected the contribution the low-carbon economy makes to total UK output to increase from around 2% in 2015 to 7% by 2030, and 13% by 2050.
The projections are based on the potential size of the low-carbon economy in 2030 and 2050 across 25 areas, and draw on scenarios developed up by the CCC, the International Energy Agency, market research organisations and data on the UK’...