A new report, published by the
Manufacturing Technologies Association (MTA), has found that, if the UK moves towards a green manufacturing future, it could see between £8 to 20 billion added to the UK’s GDP and from 400,000 to 1 million new jobs created.
The MTA report highlights that the UK is well-placed to lead the way in de-carbonising — since the early 1990s the UK has reduced carbon emissions by 44% and is the first country to commit to net-zero emissions.
James Selka CEO of the MTA Said “Going green is not an option, it a necessity. The UK has a world-wide reputation for innovation within manufacturing and engineering. This report highlights the need to invest to make to the essential transition to a decarbonised economy.”
“By embracing green technology, we can transform our economy as a whole and work towards sustainable growth, creating new, higher paid, jobs and protect the environment in the process.”
The Commission on Climate Change which underpinned the net-zero target estimated that an increase in investment in renewable technologies in the order of 1 to 2% of GDP per year up to 2050 was needed.
Green growth is an important economic driver – growing around four times faster than the overall economy. Starting early gives companies the best chance of staying ahead and diversifying into future products and markets. Green transition involves de-carbonising processes and products all along the supply chain, as well as reducing the carbon that products require in use. Transformation that is investment-led both boosts GDP directly and adds to productive capacity.
Mr Selka added: “We have seen through the Covid-19 pandemic that, when Government engages with manufacturers, change can be implemented quickly. With strong national guidance and the right structure put in place by the UK Government and fully integrated into an Industrial Strategy, the UK is well-placed to become world leaders in ‘green’ manufacturing.
“We need continued investment in resources like the High Value Manufacturing Catapult to spur progress. The possibilities for growth are substantial and UK manufacturers are ready for this challenge.”