Ahead of the House of Commons debate on industrial strategy tomorrow, the Aldersgate Group has prepared a briefing on why the industrial strategy should have a strong low carbon element.
Our briefing argues that the industrial strategy must build on the UK's existing areas of competitive strength, such as ultra-low emission vehicles, smart ICT solutions, energy efficiency, offshore wind and project financing of clean energy projects. It must also complement the government's forthcoming emissions reduction plan, include a skills strategy and reflect the shift to a more resource efficient or "circular economy".
The UK and world economy have embarked on a low carbon transition. The UK's competitiveness will be increasingly tied to the development of a strong low carbon goods and services sector to ensure we can take advantage of the opportunities in the international low carbon market, which is estimated to be worth $5.5tn. Taking a low carbon focus can help future-proof the economy and maximise potential for UK plc.