What is the story about?
What's Happening?
Make UK, a leading manufacturing organization, has released a report highlighting the commitment of British manufacturers to invest in green technologies. The report, titled 'Manufacturing a Sustainable Future,' reveals that over 80% of companies plan to incorporate green growth into their business strategies within the next five years, with a focus on renewable energy. However, the report identifies significant barriers to these investments, particularly the increased business rates associated with energy-efficient technologies like solar panels and wind turbines. Make UK is urging the government to exclude these green investments from business rate calculations to encourage further investment.
Why It's Important?
The push for green investments is crucial as the UK aims to meet its net zero targets. By investing in renewable energy and other green technologies, manufacturers can reduce operational costs and emissions, contributing to a more sustainable industrial sector. However, the current business rate system disincentivizes such investments, potentially slowing progress towards decarbonization. Addressing these financial barriers could unlock significant economic and environmental benefits, positioning the UK as a leader in green technology and creating new job opportunities in the sector.
What's Next?
Make UK is calling for immediate government action to revise the business rate system, which could be announced in the upcoming Budget. The organization also recommends extending the duration of Green Investment relief and updating apprenticeship programs to include new technologies. These steps are seen as essential to fostering a robust green investment environment and ensuring the UK remains competitive in the global market for sustainable technologies.
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