The UK’s £12.5 billion renewables industry, which currently supports around 110,000 jobs, could support 400,000 by 2020 and be worth some £50 billion, according to REA and Innovas.
The report, Renewable Energy: Made in Britain, from the Renewable Energy Association (REA) and Innovas is the first to bring together turnover and employment figures for the entire renewables supply chain.
Since 2009/10, the sector has increased by 11% in market value, well outstripping the overall economic growth rate of 1.4% during the same period.
The report says that meeting the UK’s renewable energy targets by 2020 will displace fossil fuels worth £60 billion, most of which are imported into the UK, giving a significant boost to the country’s trade balance.
“Harnessing our renewables creates employment and means that rather than spending money on energy imports we can keep it circulating in the UK economy,” explains REA chief executive Gaynor Hartnell.