UK green economy is growing at 7% a year

The UK low carbon economy was worth £122bn in 2013 and has been growing at seven per cent a year, according to government figures.

A low carbon investment report published last week by the Department of Energy and Climate Change (DECC) says the sector supports over 460,000 jobs, which equates to around 1.5 of every 100 UK jobs.

In a foreword to the report, Energy and Climate Change Secretary Ed Davey said these jobs were benefiting the whole of the country.

"The great thing about green energy investment and jobs is that they are not confined to London and the South East," he says. "Clean energy projects are booming in every region and country of the UK."

Around £37bn has been invested in renewable energy generation since 2010, when the current government came to power, according to Bloomberg New Energy Finance. This averages out to around £7bn a year, up from £3bn a year under the previous administration - although 2014 saw £8bn invested, the DECC report says.

It highlights that electricity capacity from renewable sources has more than doubled in this Parliament to provide 18 per cent of the UK's electricity needs - the country now has 4GW of offshore wind capacity, 8.1GW of onshore wind, 5GW of solar, 4.4GW of biomass, and 1.7GW of hydropower.

Davey said the figures show the UK is "one of the most attractive countries in the world" for green growth, hailing the electricity market reforms brought in by government to catalyse around £110bn of investment in the energy system.

"We lead the world in offshore wind and remain one of the world leaders in marine energy," he writes. "This brings great opportunities for our businesses, for jobs, and for boosting local economies."

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This article has been adapted from an article published by Business Green.