Jobs and Growth in a Low-carbon Economy

Part of Opposition Day — [Un-Allotted Day] – in the House of Commons at 5:09 pm on 5 March 2012.

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Photo of Edward Davey Edward Davey The Secretary of State for Energy and Climate Change 5:09, 5 March 2012

I shall make progress and take interventions later.

Since coming to office, the Government have already seen significant new investment in clean energy. Our policies have stimulated new growth, supported new jobs and delivered new capacity. The UK is becoming more attractive to investors. Billions of pounds are being poured into our low-carbon economy, and more and more clean energy is coming on stream. The average annual growth in our low-carbon and environmental goods and services sector is estimated at more than 5% right through to the end of this Parliament, and low-carbon goods and services account for 8.2% of the UK’s GDP—a higher proportion than in Germany.

Since last April, companies have announced plans for £3.8 billion of investment in the UK renewable energy industry, and £600 million has been invested in onshore wind alone. A recent report by Ernst and Young showed that the UK is now the fifth most attractive place to invest in renewable energy—up from sixth last year—and we remain the most attractive place in the world for investment in offshore wind. The Minister of State, Department of Energy and Climate Change, my hon. Friend Charles Hendry was telling me that 95% of offshore wind installations occurred off our shores last year.