Rebuilding the UK economy
A new report published on Monday 22nd June highlights the central role the energy sector can play in powering the post-COVID-19 economic recovery.
Rebuilding the UK economy: Fairer, cleaner, more resilient, which has been produced by Energy UK in partnership with PWC, identifies five policy areas which could provide the stimulus for jobs, investment and growth - with the energy sector helping deliver widespread economic, environmental and societal benefits as part of a sustainable, green recovery focussed on the net-zero target.
The five policies are:
- Launch a national housing infrastructure upgrade programme
- Further accelerate the transition to low carbon transportation
- Unlock further private investment in a digital, flexible and affordable, low carbon energy system
- Accelerate the development of regional industrial clusters and local supply chains
- Support people, businesses and local authorities to recover from the crisis
The energy sector already supports over 700,000 jobs (one in 46 jobs) in the UK, delivering major infrastructure programmes to upgrade our housing, decarbonise transport and create a modern, flexible energy system could create hundreds of thousands more jobs across the country - both directly and indirectly through the supply chain and local economies.
The report states that an ambitious national programme to retrofit housing with energy efficiency measures, alongside the continuing installation of smart meters, would quickly create long term employment while cutting bills by hundreds of pounds for customers and reducing emissions. Equally a heat sector deal that supports the development and installation of low carbon alternatives to gas boilers - essential to reaching the net-zero target - would also provide nationwide job and re-training opportunities while also creating a market for the range of potential technologies.
New technologies could also create specialised industrial clusters around different regions of the UK – ensuring growth opportunities are shared across the country, helping local communities and businesses to recover from the crisis and creating a more resilient economy through the expansion of local supply chains.