What is the story about?
What's Happening?
British manufacturers are increasingly committed to integrating green technologies into their operations, according to a report by Make UK. The report highlights that 8 out of 10 manufacturers plan to implement green technology improvements within the next five years. Despite this commitment, manufacturers face significant barriers, such as increased rateable values for investments in energy-efficient technologies like solar panels and low-carbon heating. These barriers raise the value of factories and business rates, discouraging investment. Make UK is urging the government to exclude such investments from business rates calculations, as 40% of companies cite this as a major obstacle, even more so than energy costs.
Why It's Important?
The push for green technology by British manufacturers is crucial for achieving net-zero emissions and enhancing sustainability in the industrial sector. Removing barriers to investment could accelerate the adoption of energy-efficient technologies, reducing carbon footprints and operational costs. This shift is vital for maintaining competitiveness, especially as industrial energy costs in the UK are significantly higher than in other countries like the US, France, and Germany. The move towards green technology could also stimulate economic growth by creating new markets and job opportunities in the renewable energy sector.
What's Next?
Make UK is advocating for policy changes in the upcoming Budget to support green investments. If successful, these changes could lead to increased adoption of sustainable practices across the manufacturing sector. The British Industrial Competitiveness Scheme, set to be enacted in 2027, may further influence the landscape, although its impact remains uncertain. Manufacturers and policymakers will need to collaborate to overcome existing barriers and ensure the sector's transition to a sustainable future.
AI Generated Content
Do you find this article useful?
