The UK’s net zero economy grew 9% last year, a report commissioned by the Energy and Climate Intelligence Unit (ECIU) has found.

The analysis suggests the sector is flourishing compared to the UK economy as a whole, which grew by just 0.1% in 2023.

The ECIU, which is a non-profit group, commissioned CBI Economics and The Data City to draw up the new report. It found that the total gross value added (GVA) by businesses involved in the net zero economy now stands at £74bn.

However, CBI Economics warned that without further investment and policy stability, growth in the sector could slow as the US and EU compete to attract and develop clean industries.

The analysis found that jobs in the net zero economy are highly productive, generating £114,300 in economic activity – more than one and a half times the UK average of £72,550. They are also better paid by almost £10,000, the average net zero salary being £44,600 compared to the £35,400 UK average.

Scotland, Wales and the Midlands have particularly...