The Secretary of State for the Department of Energy & Climate Change spoke of the economic benefits of a low carbon economy, explaining that ‘the global low-carbon and environmental goods and services sector is a £3.2 trillion market’.
Chris Huhne explained the long term rewards of green growth. This includes encouraging more investment in the UK, an increase in the global exports from the UK, green jobs and a skilled workforce, competition in a global marketplace and furthering our reputation for innovation.
He called for a new industrial era. ‘To change our national economic story from one of financial speculation to one of future growth, we need a third industrial revolution: a green revolution.’
He explained that ‘Victorian fortunes were built on coal and steam. 20th century dynasties were founded on oil and gas. The next generation’s prosperity will come from clean energy. It must be affordable. It must be secure. And it must be low-carbon.’
Such technologies include: wave and tidal-stream, solar photovoltaic, onshore and offshore wind and nuclear power.
Chris Huhne explained how ‘the Spending Review set out a clear and credible path back to national prosperity’.
‘The Spending Review underlined the Government’s commitment to carbon capture and storage; a project worth up to a billion pounds, to tackle our fossil fuel legacy and prepare us for a future of clean coal.’