The low carbon economy is universally regarded as a key component of future social and economic prosperity.
The drive towards a low carbon economy to address the global challenges of climate change, diminishing fossil fuels and finite natural resources is generating tremendous business opportunities. Indeed some commentators suggest that the transition to a low carbon economy presents one of the most significant economic opportunities ever known.
Government carbon emissions reduction and renewable energy policies, at national and international level, have acted as catalysts for growth for the Low Carbon and Environmental Goods and Services (LCEGS) sector.
Increasing regulation and legislation, together with growing consumer demand for low carbon products, is expected to lead to future sector growth, which will far exceed other areas of the economy.
However, businesses in the sector face increasing challenges, not least in understanding the new markets of the low carbon economy. With strong national and international competition, quick, decisive action is required to ensure the Northwest is positioned to gain maximum economic benefit and exploit new market opportunities.
This strategy was developed by the Northwest Regional Development Agency (NWDA) in partnership with businesses, universities and public sector partners. Its purpose is to provide a framework for the development of the LCEGS sector in the region. The document seeks to identify the most significant opportunities for growth, and to define where and how the Agency and its partners can add real value, by promoting innovation and addressing market failure.