Net zero investment has the potential to drive economic growth and help the government with its levelling-up agenda in poorer, low productivity areas of the UK, a study has found.
The report, titled Growing clean and published by the Resolution Foundation and London School of Economics, said green investment could contribute to the UK’s future prosperity and help reduce regional inequalities.
Based on an analysis of patent data, it showed that the highest share of green patents were in lower productivity areas such as the Tees Valley and Durham, Derbyshire and Nottinghamshire. This is despite innovation overall being concentrated in richer areas including Oxford, Cambridge and London.
The Climate Change Committee estimated that an additional £13.5bn of investment will be needed in 2022, rising to more than £50bn a year by 2030, to meet the UK’s net zero goals.
