Stockport has been named a stand-out hotspot for the UK’s net zero economy, according to a report from the Energy and Climate Intelligence Unit (ECIU) think-tank.
Produced in partnership with CBI Economics and Datacity, the Mapping The Net Zero Economy 2023 report revealed that the Green Economy contributed $71 billion to the UK economy, and highlighted a number of hotspot towns and cities where low-carbon industries comprise 4-7% of the local economy.
Stockport stood out among UK towns as an area of high net-zero activity with just under 17% of the local GVA supported by the net-zero economy. The report also recognised the investments made by the local council, such as securing Levelling Up funding for a £4.44 million investment into Cheadle Eco Business Park, to support the local net-zero economy.
The borough adds to Greater Manchester’s wider Green Economy success in boasting the largest number of people employed in the sector, with more than 26,770 full-time equivalent jobs supported across all ten boroughs in 2022. Across the city-region as a whole, the net-zero economy is equivalent to roughly 5% of total economic output.
Elsewhere in the North-west, the report also identified hotspots at the mouth of the River Mersey, where a major investment in hydrogen technology is being brought forward at Ellesmere Port, and in North Lancashire & South Cumbria, where there are thriving renewables and waste management industries.
Despite its significance to the national economy, the Greater London area was absent from the ECIU’s list of net zero hotspots. Instead, it was towns and cities with industrial heritages, like Stockport’s, in the North and Midlands of England that were leading the way, and that have been the target of ‘Levelling Up’ initiatives; the net-zero economy was 24% more concentrated in region’s outside London when comparing the share of GVA it contributed against the capital.
The ECIU report also highlighted the benefits of green jobs for local economies. The net-zero economy generated an average of £122,300 in GVA per full-time employee: 1.7 times higher than the national average of £64,400. Average wages were also driven up by supporting green jobs – the average salary for someone working in the Green Economy was £42,600, compared to the UK average of £33,400.
The full report is available to download from the ECIU website.
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