What is the story about?
What's Happening?
Manufacturers in the UK are increasingly committed to investing in green technologies, according to a new report by Make UK. The study, which surveyed nearly 250 manufacturing firms, found that over 80% of companies plan to incorporate green growth into their business strategies over the next five years. This commitment comes despite some calls to scale back the UK's net zero ambitions. The report highlights that manufacturers are prioritizing renewable energy investments, although they face barriers such as increased business rates for energy-efficient technologies like solar panels and wind turbines. Make UK has urged the government to remove these investments from business rates calculations to encourage further green investments.
Why It's Important?
The push towards green investment by manufacturers is significant as it aligns with global efforts to combat climate change and transition to a sustainable economy. By investing in renewable energy and other green technologies, manufacturers can reduce operational costs and emissions, contributing to environmental goals. This shift also positions the UK as a leader in green technology, potentially creating new jobs and economic opportunities. However, the current business rates system poses a disincentive for companies to invest in these technologies, highlighting the need for policy adjustments to support sustainable growth.
What's Next?
The report suggests that the UK government should take steps to remove disincentives for green investments, such as excluding energy-efficient technologies from business rates calculations. Additionally, expanding research and development tax relief and lowering long-term energy costs could further encourage manufacturers to invest in green technologies. As the UK continues to develop its industrial strategy, these measures could help establish the country as a global leader in green technology, supporting businesses and creating new jobs.
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