Social and Economic Impacts
Economically, every area stands to benefit from the transition to net zero.
Energy UK has forecast every area’s GDP to be between 5.4% and 7.5% larger in a net zero future. The East of England is projected to be at the higher end of this, seeing a boost of just under 7%. So, where does this come from?
It comes from projects such as the North Falls Offshore Wind Farm off the Essex coast. The project is expecting to see up to £400m in gross value added over its lifetime across the supply chain. Onshore in Suffolk, the consortium behind the 3.2GW Sizewell C nuclear power station is pledging to spend £4.4bn across the region.
It is not just through investment into local economies that the net zero transition promises, it will also bring jobs. The Climate Change Committee is forecasting the potential for between 135,000 and 725,000 new jobs across low carbon sectors. So, what does this mean for the East of England?
Offshore wind especially promises big job creation. Hornsea Three, being bult off the region’s coast, could see up to 5,000 jobs created during its construction phase, followed by a further 1,200 permanent jobs both directly and in the supply chain once it is operational. The North Falls and Five Estuaries projects are expecting they will support annual full-time equivalent local jobs of around 4,000 direct and indirect roles throughout the construction combined. ScottishPower Renewables’ East Anglia ONE, meanwhile, saw 3,500 jobs sustained through the construction phase, with 100 long-term skilled roles created at its operations and maintenance base in Lowestoft.
Back on land, according to research from EY carried out for the Sizewell C consortium, as many as 73,000 job opportunities could be created in the East of England by the nuclear power project from direct employment in the supply chain, or through local spending on goods and services.
Net zero can offer a path to a more informed, together society too. It can foster a real sense of community engagement. It can bring people together and push them forwards, united in pursuit of a common goal. It can increase awareness and education of environmental issues and sustainability.