UK businesses could gain 'great prizes' in road to decarbonisation

British businesses have the opportunity to create 240,000 low-carbon jobs and boost green exports by billions of pounds in their road to decarbonisation and meeting climate targets over the next decade.

According to the latest report from the Confederation of British Industry, the UK needs to radically transform its economy in the next decade and transition to green business.

The business lobby group said businesses across the country stood to gain from an "early mover advantage" by leading a campaign to decarbonise the global economy.

According to its estimates, Britain could unlock commercial growth opportunities worth £700bn by 2030.

Among the other prizes to be had, UK firms could boost low-carbon exports to the EU, including opportunities to grow electric vehicle and battery sales by £18bn over the next decade.

CBI also argued that the transition would help to narrow the inequality gap because jobs created would also go to cities and towns outside London and the south-east, helping to "level up" regional economies across the country.

Tony Danker, director general of the CBI, said businesses needed to work with trade unions, civil society and the government to cut carbon emissions and unlock the UK’s growth potential.

"We may disagree on detail but not on the need to align around this vision and these principles,2 he said.

"Decarbonising our economy is a planetary imperative, we can use our transition to net zero to create green jobs, to find sustainable solutions and sell them to the rest of the world."