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17th January 2023

Green economy opportunities set out in net zero review

A review commissioned by the UK government into its approach to delivering net zero by 2050 has been published. Net zero is a commitment to ensure a balance between greenhouse gas emissions into the atmosphere and those removed from it.

The review was led by MP Chris Skidmore who engaged with businesses and organisations from across the four nations of the UK to hear evidence and share ideas. Businesses can work towards net zero by reducing the emissions that a company makes directly, indirectly or through its supply chain.

The Mission Zero report states “we heard a clear message from businesses, organisations, individuals, and local government across the company: net zero is creating a new era of opportunity, but government, industry, and individuals need to act to make the most of the opportunities, reduce costs, and ensure we deliver successfully.”

What does the review say?

The review sets out 129 recommendations, designed to maximise economic investment, opportunities and jobs while achieving net zero by 2050, including 25 key actions for 2025.

The proposals include:

  • Backing businesses to go green through incentives, skills building and support
  • Developing a cross-sectoral infrastructure strategy to support renewable energy
  • Creating sustainable governance structures and increasing transparency
  • Capitalising on international leadership and introducing environmental and climate protections in trade agreements

What’s the latest in Wales?

Wales is also aiming to achieve net zero by 2050, while the nation’s public sector has been set a target to reach the commitment by 2030.

In 2021, the Welsh Government published its Net Zero Wales plan which set out 123 policies and proposals to be delivered alongside the second carbon budget (2021-25) and the seven wellbeing goals of the Well-Being of Future Generations (Wales) Act 2015.

The Welsh Government has since published its Net Zero Strategic Plan, detailing its progress to date and setting out a further 54 initiatives that will be assessed and reviewed in 2025 and 2030.

How can the Chamber help?

The Chamber has been supporting businesses on their net zero journeys by connecting members with partners with expertise in this area such as CGI and Tungsten Corporate Solutions.

CGI combines their in-depth knowledge, IT solutions and end-to-end service offerings to provide robust sustainability solutions which create a positive economic, social and environmental impact. Based on decades of experience in utilities, manufacturing, distribution and government, CGI’s solutions and capabilities include emissions monitoring, renewable energy assets, supply chain management and smart infrastructure.

Tungsten Corporate Solutions’ Sustain service focuses on carbon footprint measuring, auditing and energy reduction services. Primarily working with businesses in the manufacturing, engineering, recycling, maritime and sports sectors, Tungsten’s solutions and tailored advice help businesses adapt to change and be compliant.

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