• Scotland is in pole position to lead the green economic revolution as the UK seeks to recover from the pandemic
• Scotland has the highest concentration of green jobs in the UK and the highest density of students studying green-related subjects
• The UK Green Growth Index, developed by Oxford Economics for Lloyds Banking Group, analyses the UK’s readiness to drive a greener economy
Scotland is in the strongest position to drive the growth of the green economy in the UK, according to the UK Green Growth Index, which has been developed by Oxford Economics and Lloyds Banking Group.
The nation leads the Growth Index (80.6) by a significant margin and is best-positioned to support the UK’s green economy based on its existing green infrastructure and future potential.
Scotland has a strong base of 21,000 existing green economy jobs in sectors such as onshore and offshore wind and hydroelectric power. Based on the size of its labour market, Scotland has the highest concentration of green jobs in the UK.
Relative to its population, Scotland also benefits from the largest number of higher education students studying green-related subjects such as engineering and technology, building and planning, and agriculture. The density of students in green-related subjects is more than 27% greater than in second placed Wales.
Philip Grant, chair of Lloyds Banking Group’s Scottish Executive Committee said: “Scotland’s long been at the forefront of energy technology and this research shows how it’s now best-placed to build on that experience and create a more sustainable future.
“Every part of the UK has opportunities to capitalise on green growth, but Scotland’s rich talent pool and skilled workforce give it an edge.
“The report shows a promising start to the transition, but we must accelerate progress towards a greener economy. There couldn’t be a better time for the United Nations Climate Change Conference (COP26) to take place, here in Scotland, in just a few months’ time.
“All eyes will be on the UK, and on Scotland in particular, when it comes to adopting greener ways of living and doing business. As well as being a moment of international cooperation, COP26 is a prompt for us to consider how our domestic economy can thrive in the future.
“We’ll be working with businesses and communities across the country, and throughout the UK, to ensure no nation or region is left behind in the transition to a greener future.”
UK GREEN GROWTH INDEX
The UK Green Growth Index explores how well placed the nations and regions across the UK are to capitalise on the opportunities of the green economy – defined as low carbon, resource efficient and socially inclusive.
Currently it is estimated the UK would need to invest £1.4 trillion between 2020 and 2050 with the potential for up to 2.5 million green jobs needed before 2050 to meet its net zero objective by 2050.**
The Index considers each region’s existing base of green industry; innovation activity; take-up of relevant skills and training; and renewable energy infrastructure and use, to determine a ‘Green Growth Opportunity’ score for each part of the UK.
| UK Green Growth Index | ||
| Rank | Nations and Regions | Green Growth Opportunity score |
| 1 | Scotland | 80.6 |
| 2 | Wales | 63.5 |
| 3 | South West England | 54.6 |
| 4 | South East England | 52.0 |
| 5 | Midlands | 48.7 |
| 6 | North of England | 48.3 |
| 7 | East of England | 45.6 |
| 8 | Yorkshire and the Humber | 45.1 |
| 9 | Northern Ireland | 42.7 |
| 10 | London | 36.5 |
Companies across the UK are actively participating in the green economy, according to additional Lloyds Banking Group research provided by YouGov.
More than one-third of UK businesses (36%) say engaging in the green economy is a high or very high priority for their company, rising to more than half (55%) of large organisations.***
A quarter of those in North East England (26%), London (25%) and South West England (25%) say participating in the green economy is something they’re already exploring or operating in.***