It suggests that the low carbon sectors in the county’s economy could grow by around £1.35 billion a year by 2030, creating around 11,000 new jobs, if a coordinated effort is made to bring in investment of up to £300 million per year.
The report says this might sound like a lot of money, but the county’s low carbon sectors already generate over £1 billion a year in sales (around 7% of Oxfordshire's economy), and employ almost 9,000 people. Oxfordshire is best known for its innovation in building technologies, alternative fuels, alternative fuel vehicles, as well as solar power and wind energy technologies, says the report.
They identify the Local Enterprise Partnership (OxLEP) as a key player for developing a strategy for developing Oxfordshire’s economy. LEP’s Strategic Economic Plan has already described Oxfordshire as an outstanding knowledge-based economy, because of its world-class universities, innovative technology companies and research and development centres.
Report co-author Dr Gavin Killip, from Oxford University's Environmental Change Institute, said: 'Oxfordshire is a market leader in low carbon goods and services so a global drive towards decarbonisation means that the county’s economy could be in line for a substantial boost. As well as highlighting the economic benefits, our report identifies some of the potential problems, such as housing and traffic congestion, offering different scenarios for our future. With investment, innovation and vision will come much greater benefits. We hope this report stimulates the debate about how we make this county a decent place to live and work in by 2030.'