Jeremy Hunt offers encouragement that Government is listening to business again: Olga Watterich

Hunt cited McKinsey research estimating that the opportunities for green industries in the UK are potentially worth over £1 trillion up until 2030 – a stunning figure. Firms in Yorkshire and the Humber know it’s absolutely crucial that we unlock some, if not all, of these prizes.

But to unleash our potential, to keep any recession this year short and shallow, we need to get back on track.

The UK has been a world leader on green for some time. But over the last two years, the UK has lost a big chunk of its European market share in green tech – equivalent to the potential value of £4.3bn by 2030. And the recently published Skidmore Review painted a damning picture of our complacency on future green industries.

The UK’s progress on green growth pales in comparison to some of our partners, like America and Germany. There’s no shortage of examples: we’re falling behind various G7 counterparts on heat-pumps, EV charging infrastructure, hydrogen funding, as well as carbon capture and storage projects. So we urgently need to start taking action where it will really make a difference – otherwise we will lose out on one of our biggest shots at future economic prosperity.

The UK has the chance to be a leader, not a follower, when it comes to green growth. In part, that’s because of our unique strengths like our geological advantages in wind and carbon capture and storage, as well as our brilliant universities, producing world-class research.

Matched with the business leadership we’ve seen across the board, we should be unstoppable.

But first, we need to make smart adjustments to our regulatory framework and employ public money to help unclog the blockages in private sector investment.

We’ve done it before – on offshore wind for example – and we can do it again.

If we want to forge ahead on green growth, both nationally and here in Yorkshire and the Humber, we need to re-evaluate regulation, as well as planning and consenting processes.

Because right now, firms are being held back, inhibiting our progress on important proj ects like laying connectors or building EV charging infrastructure.

And while it’s no secret that thes e are tough economic times, we have the option to make the fiscal choices allowing us to outsmart our competition.

Like using Contracts for Difference across all of our technologies, or moving early to invest in budding technologies.

Firms in Yorkshire and the Humber know we need to accelerate our efforts on green growth, and we are reassured that the Chancellor shares this sentiment.

The business community is ready to play its part – but now is the time for action when it comes to the barriers blocking the way forward.

Olga Watterich is CBI Deputy Regional Director for Yorkshire and Humber