The UK could up its budget by £70 billion if it exported renewable energy to mainland Europe, according to a new analysis.
Efforts to become a clean energy exporter could also lead to 279,000 new jobs and support 654,000 others, the report by former government economist Chris Walker said.
Britain could also become a clean energy superpower capable of exporting £17 billion worth of green electricity to Europe each year by increasing its production of clean electricity by 50% above current projections for 2050.
It was also “plausible” that the UK could become a net exporter of green electricity by taking the lead in the global race to “net zero” and shift from being an energy importer, Walker added.
According to Walker, the UK’s economy would double the £35 billion in annual economic benefit predicted for its current course by moving “beyond net zero” and attracting trillions of pounds in private investment from around the world.
“The UK’s strong competitive advantages in renewable energy generation mean it is uniquely well positioned in the race to net zero which can deliver significant and sustained economic growth, raised productivity and increased exports,” according to the report.
“Other advanced economies will undertake similar journeys to the UK at the same time. For the UK to cement its leadership in tackling this challenge, crucial public policy decisions need to be taken, backed up by investment from private sector organisations to ensure that the UK makes and captures the necessary investment to capitalise on its strengths,” it added.
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