Net Zero: Benefits for business

Net Zero: Benefits for business

Green Growth

In response to the economic impact of Covid-19, the Government is promoting a clean, green and more sustainable economic recovery to deliver thousands of new jobs and has to date announced in excess of £3.5bn for this purpose.

Green Growth means fostering economic growth and development, while ensuring that natural assets continue to provide the
resources and environmental services on which our well-being relies.

National policy initiatives aimed at creating green jobs in the housing, construction transport and conservation sectors will provide
funding for new research and development (R&D) into new cleaner technologies in air and automotive sectors, to make all homes more energy efficient and to decarbonise the public sector through energy efficiency measures and investment in nature and conservation.

Growth of the UK’s low carbon economy is estimated to be 11% per year between 2015 and 2030 – four times faster than the rest
of the economy.

Green Growth can deliver:

  • New jobs and local economic growth
  • Low carbon transition
  • Innovation and research funding
  • Expanded economic sectors and future export markets

Climate Change and the Economy

Since the Climate Change Act was passed in 2008, the UK has continued to demonstrate that it is possible to decouple emissions
growth from economic growth.

Greenhouse gas emissions have fallen by 30% in the UK while the economy has grown by 13% over the period 2008 to 2018.

The Economic Impact of Covid-19

Newcastle, like other international cities, faces extremely challenging economic conditions as a result of the Covid-19 health pandemic.

At the peak of the lockdown in April 2020, the UK’s economy shrank by 20.4% - the largest monthly contraction on record,
reflecting record widespread falls in services, production and construction output.

The crisis has had a direct impact on all residents and individual businesses in the city and is likely to change consumer and business
behaviours on a temporary or permanent basis.

The crisis has also had major impacts on remote working, transport / commuting changes, use of green spaces and commercial districts in the city and there has been a need for reskilling and retraining.

Different sectors within the city have been more affected than others, with many industries (notably retail, accommodation, food and beverage, cultural activities and creative, arts and entertainment, sports activities, amusement and recreation) having had to either close or pause trading.

A Green and Inclusive Economic Recovery

Our Net Zero ambitions will underpin our economic recovery efforts working in close collaboration with our partners, to position
Newcastle as an industry leader in the technologies and services that will deliver our Net Zero future as well as growth and new
green jobs.

Economic growth must go hand-in-hand with our aim to promote social equity and inclusive employment.

Newcastle is well positioned to lead a green economic recovery and to take advantage of our area’s unique energy innovation assets, capabilities and research strengths and talent that will provide the foundations to drive future growth, investment and new green jobs to the city.

We are working with our partners through the North of Tyne Combined Authority (NTCA) to deploy funds to deliver carbon
reduction and create green jobs.

Our North of Tyne Green New Deal will help firms and workers transition to a green economy by investing to boost offshore green energy projects, the creation of green jobs where carbon reduction is needed most, and training for workers moving from traditional to green industries.

Engaging with Business

Working together with city and regional business forums and partners, we will engage with businesses operating in the city and further afield who have a unique and crucial role to play in achieving the city's Net Zero ambitions.

We will engage and listen to all businesses to ensure we understand and respond to the challenges they face and help support them to take advantage of the commercial and growth opportunities of Net Zero.

Many businesses are already leading the way making strong commitments towards our Net Zero future, and we are keen to hear from all businesses who are keen to expand in low carbon sectors.

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