Economic benefits of cutting carbon
THE secrets of the Humber's economic potential from cutting carbon have been revealed.
A new report for the Humber Local Enterprise Partnership (LEP) was launched at the University Of Hull last night, showing the potential economic benefit to the area of reducing carbon emissions.
The seminar, held at the university's Business School, described how the region can reduce energy bills, cut carbon emissions and create jobs.
The study, called The Economics Of Low Carbon Cities, which was conducted for the Humber by the Centre For Low Carbon Futures, calculates the energy bill for the Humber region up to 2022, highlights steps to reduce energy consumption and demonstrates the potential for creating jobs.
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The Humber LEP is now looking for innovative ways of driving implementation of the report's recommendations.
Lord Haskins, chairman of the Humber LEP, said: "The Humber, as the UK's energy estuary, has a central role to play in manufacturing and deploying renewable energy technology, and that is now widely recognised.
"What we don't often discuss is the economic benefit from cutting our own carbon emissions. The report very clearly sets that out."
Lord Haskins said he would like to see people come forward with ideas about how the Humber region can achieve this economic potential and lead the implementation of the report's recommendations.
He said: "There are lots of businesses already investing in this area because they see they will get a return from it but there may be more we can all do to spread those ideas and support other businesses to invest as well."
The research calculated that the energy bill for the Humber's £14bn economy is £2.45b a year but forecasts this to grow to £2.86b by 2022 – a £410m cost increase to businesses and households.
However, the Humber region could insulate itself against almost all of the projected price rises, cut carbon emissions and grow the local economy.
The report by the research organisation lists some of the most cost-effective measures for business, including burners, more efficient refrigeration and air-conditioning, energy management on vending machines and office equipment.
The research said that despite the fact there are hundreds of low-carbon options available and, although they present a significant opportunity to reduce energy bills and carbon footprints, there is often a lack of reliable information on their performance.
Therefore, the report has reviewed the cost and carbon effectiveness of a wide range of the low-carbon options that could be applied in households, industry, commerce and transport.
An audience of about 100 business people attended the launch.