What's Happening?
A report by Make UK reveals that British manufacturers are significantly increasing their investment in green technologies, with a focus on renewable energy, greener materials, and digitalization. Despite calls to reduce net zero ambitions, over 80% of
companies plan to invest in green growth. However, barriers such as higher rateable values for energy-efficient technologies are hindering further investments. Make UK is urging the government to remove these investments from business rates calculations to encourage more green technology adoption.
Why It's Important?
The commitment of UK manufacturers to green technologies is crucial for achieving national and global climate goals. Removing barriers to investment could accelerate the transition to a sustainable economy, reduce emissions, and enhance energy security. The report highlights the need for policy adjustments to support industrial decarbonization and maintain competitiveness in the global market.
What's Next?
Make UK is advocating for policy changes, including extending Green Investment relief and updating apprenticeship content to include new technologies. These measures aim to boost investment in green technologies and support the development of a skilled workforce. The government may need to address industrial energy costs and provide incentives to facilitate the transition.
Beyond the Headlines
The report suggests that broader policy reforms could unleash significant green investments, transforming manufacturing operations and reducing environmental impact. Ethical considerations regarding the equitable distribution of green technologies and the role of government in supporting sustainable practices may also be explored.
