The transition to greener products and processes could add up to £20 billion in output to UK manufacturing and create at least 400,000 jobs across the economy, according to new research.
A new report from the Manufacturing Technologies Association (MTA) looked at the effect on UK manufacturing of increasing investment in green technologies to levels required to achieve a zero carbon economy by 2050.
The transformation will involve decarbonising processes and products all along the supply chain, as well as reducing the carbon that products generate in use.
According to the MTA, the effect on UK manufacturing and its supply chains would add billions to UK GDP and create hundreds of thousands of jobs, including up to 90,000 jobs in manufacturing businesses.
‘Going green a necessity’
James Selka, chief executive of the MTA, said: “Going green is not an option, it’s a necessity. The UK has a worldwide reputation for innovation within manufacturing and engineering. This report highlights the need to invest to make 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 possibilities for growth are substantial. UK manufacturers are ready for this challenge.”
Transition underway
The transition is already underway. Recent research from manufacturing organisation Make UK found that almost half of manufacturing SMEs see the UK’s 2050 net zero target as an opportunity for their business.
Meanwhile, new research from global software provider Epicor suggests that almost of half of companies in the manufacturing, distribution and retail industries are now investing in sustainability to drive business growth and promote ethical sourcing. Around a third of UK firms surveyed by the company also said they were turning to ‘green’ power sources for their operations.
