This commitment is driven by the impact of climate change, fluctuating costs of fuel and electricity, environmental sustainability and securing the nation’s energy supply.
There are huge opportunities for economic growth. According to the Green Alliance, the sector could save the UK up to £160 billion in energy supply costs to 2050 and generate business activity which would add £89 billion to the GDP of the UK economy over the same period.
The latest research shows 11,550 businesses are directly engaged in the low carbon economy across the UK, employing 269,800 people. A further 190,800 are employed in the supply chain, meaning 460,600 people work in the low carbon economy once the supply chain is accounted for.
This is growing quickly – at around four per cent a year even during the economic downturn – and exports are strong.
Crucially, Coventry and the wider West Midlands are regarded as one of the highest areas for growth in the ‘energy and environment’ sector.
Investment and resources are needed to expand the sector and to generate economic growth through new businesses, jobs and skills.
The time is right for a site that attracts a cluster of innovative cleantech businesses, encourages R&D collaboration, promotes supply chain development, offers demonstration opportunity and stimulates knowledge transfer.