The Climate Change Transformation Team Finance and Business Partner, Steve Hull discusses economic opportunities from climate actions and potential benefits for the Isle of Man to transition to a low carbon economy. The paper highlights;
- There is often a focus on the costs of the transition to a decarbonised economy. In doing so, the economic opportunities can be overlooked.
- Many countries have managed to achieve economic growth while reducing emissions, including in the UK.
- In 2023, in the UK, economic growth in the net zero economy was 9% compared to just 0.1% in the wider economy.
- In 2023, the average salary in the UK net zero economy was 25% higher than the national average.
- There is potential for more than £500 million of economic benefit arising from opportunities across sectors of the Isle of Man's economy through the transition to net zero.
- To realise these benefits, everyone, from individuals, as responsible consumers, businesses, as entrepreneurs and visionaries, and Government, as policymakers, need to collaborate to identify, facilitate and generate the opportunities afforded under the Island's Climate Change Plan.
Read the Economic Opportunities from Climate Actions White Paper here.