The Manufacturing Technologies Association says that the UK economy could add between £8-20 billion to the economy if it were to use green manufacturing processes. This could represent up to a £20 billion addition to the country’s and could create up to a million new jobs for the manufacturing industry.
The recognition of the need to invest in green technology to try to mitigate the effects of climate change is becoming more widespread and the calls for industry-wide changes are becoming more pressing. Climate change is an every present threat which is having a greater impact on the lives of people in the UK each day which is why many are now calling for action.
The UK is in a good position to be the leaders of green manufacturing technology which could have a positive impact on the industry across the globe. Since the 1990s the country has reduced carbon emissions by close to 44% and has lead the way in climate change policy by make the commitment to net-zero emissions.
Green technology investment is an important step on the path to reaching the net-zero carbon emissions goal which was highlighted by the Commission on Climate Change. For the UK to reach its planned goals, investment will need to increase by around 1-2% of the country’s GDP for every year, up until 2050.
Green technology is growing rapidly and is one of the current drivers of economic growth in the country. If the UK invests now in green technology it is likely to outpace other countries and will be in a better position on the climate change journey overall. The investment into green technology could also allow better diversification of products and services, even outside of the manufacturing sector and could mean many more jobs are created, including up to 83,000 jobs in the supply chain sector.