Green Economy launched on Tuesday 28 June 2022. This new service for local green suppliers will play a key role in the sectors growth and building a greener, net-zero economy.
Green Economy started as a Greater Manchester initiative, but now the region’s green tech sector is the strongest outside London, it is ready to help businesses further afield to create a truly green economy for Britain.
Green Economy aims to support the UK’s green tech sector growth and address market failures such as a low uptake in green technologies as businesses strive to decarbonise through simplyfying the process and providing expert knowledge of the marketplace.
There are currently 75,700 businesses in the UK’s Low Carbon and Environmental Goods and Services (LCEGS) sector, employing 1.2 million people. An estimated 700,000 further jobs could be created in the green sector as the UK transitions to net-zero.
This transition represents a huge opportunity for whole of the green supply chain and the vast array of businesses within it, from renewable energy suppliers to electric vehicle leasing organisations.
While some lareger businesses are ready to take on these opportunities, smaller businesses, which make up a large proportion of the market, would benefit from extra support and guidance.
Green Economy hopes to increase consumer confidence in green products and allow the sector to reach its full potential by supporting more businesses as they decarbonise.
It will create an active network of these suppliers, investors and purchasers to develop a green ecosystem and encourage collaboration. Green Economy will create a simplified supply chain and online marketplace as well as advocate for green businesses of all sizes.
In doing this, Green Economy hopes it can influence decision-makers to improve procurement practices and advise them on which green suppliers will be most beneficial to their business.
Green Economy will support the growth of the UK’s green tech and services sector by working across five key pillars.
Drive Green Economy Growth
Support the growth and development of these businesses to improve performance and competitiveness by providing access to business support and market intelligence, embedding best practices and upskilling workforces.
Uniting the sector and simplifying the supply chain
Green Economy aims to unify the sector through an online marketplace, connecting buyers and suppliers and encouraging collaboration, innovation and entrepreneurship.
Improving access to sales opportunities
Green Economy will work with buyers to help them navigate the complex, fast-moving green sector with confidence, while providing personalised support as they enlist suppliers.
Increasing confidence to buy green
To overcome market failures and the slow uptake of low carbon technology by showcasing the best of the sector and supporting businesses to find the right supplier.
Supporting net-zero policies
Green Economy will support the implementation of net-zero policies by developing the supply chain and strengthening policymakers’ knowledge of local and regional capabilities,
At the launch, Amy House, Director of Green Economy, said, “A huge challenge facing a lot of these businesses is operating in a turbulent market and keeping track of what’s going on. That’s amplified for small businesses. Going forward, we want to share our data with stakeholders to accelerate change for local businesses.
We want more green tech businesses to showcase their services. We want more businesses to know climate change is happening and explore our marketplace to drive their own change.”
Speaking at the event, Chair of the Green Economy Advisory Board Lousie Marix Evans said, “I have joined the Green Economy Advisory Board because I believe that the net-zero transition is a huge opportunity, but it needs to be relevant, easy to act and benefit day-to-day business. By bringing green tech and low carbon companies together with purchasers and investors through an active network, Green Economy can develop an ecosystem of innovation, services and solutions. We can help remove the barriers and challenges, grow the green and low carbon sectors and transition the rest of the economy with it.”
Find out more about the work of the green economy here.