3. Investing in clean energy
5. The UK automotive sector already
infrastructure, especially in offshore
supports over 100 000 jobs and low-
wind and electricity grids, can support
carbon investment in electric vehicles
green jobs. 28 000 jobs, including in
(EVs) and EV infrastructure could help
manufacturing could be supported in
support further growth. Currently, the
TO PAY FOR THESE INVESTMENTS, MAJOR, WELL-DESIGNED NEW POLICY INITIATIVES ARE NEEDED TO RAISE THE REQUIRED PUBLIC FUNDS.
raising the UK’s offshore wind capacity
sector is characterised by job substitution,
While the recently announced UK ETS is
f rom 8.5 GW to 40 GW. The sector is
where workers with skills to produce
a good starting point, it is unlikely to raise
already market-driven, but current
petrol/diesel vehicles can transfer these
sufficient revenue in the short term unless
contracts for difference (CfDs) can be
to EV assembly, supporting around
a high price floor is implemented. Other
widened. Government can play a key
11 000 jobs by 2030. New jobs can be
mechanisms, such as carbon obligations,
role in redistributing the co-benefits,
supported in complementary sectors:
could be used to shift costs onto the
by strategically choosing production
batteries and charging infrastructure,
private sector. Ultimately a balance of
locations in underdeveloped regions.
with an investment need of over £1
these tools will be required to raise funds
To support these larger power sectors,
billion annually, can support around
in the short term and yield the more than
investment in transmission and
5500 jobs, and these sub-sectors are
£90 billion of net annual benefits to the
distribution is also required, which has
especially interesting for creating a
UK.
its own capacity to support jobs and
competitive advantage internationally.
economic activity. Investing in over-
Additionally, creating a viable battery and
capacity of electricity grids is a smart
charging infrastructure sector will have
strategy for future grid development.
a positive spill over on EV producers to boost production, without having to use
4. Carbon Capture and Storage has the
subsidies or other incentives.
potential of supporting around 30 000 jobs. A net-zero pathway includes approximately 3 million metric tonnes of industrial CO2 captured per annum and will also require some form of carbon removal technology such as bioenergy with CCS (BECCS) or Direct Air Capture (DAC). Investment for industrial carbon capture alone will require around £400 million annually for both the capture units and the supporting transmission and storage inf rastructure.
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