Markets UK Manufacturers well positioned to lead the Green Revolution
A new report, published by the MTA, has found that, if the UK moves towards Green manufacturing, we could see between 8 - 20 billion pound added to the UK’s GDP and 400,000 to 1 million jobs created.
The MTA report highlights that the UK is well placed to lead the way in this green future, if we act now. Since the early 90’s 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 worldwide 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 Green 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 decarbonising 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.
The effect on GDP stands to be large, adding some 8bn to 20bn pounds in output to UK manufacturing and its supply chains. The effect on jobs also stands to be substantial:
- Creating some 400,000 to 1 million jobs in the economy as a whole;
- Some 37,000 to 90,000 jobs in UK manufacturing, and
- A further 34,000 to 83,000 jobs in the supply chain.
Moreover, the report shows that new jobs stand to be of high-quality, well paid, and fit for the 21st century.
Selka Added “We have seen through the Covid-19 pandemic that when Government engages with manufacturers that 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, we are 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. UK manufacturers are ready for this challenge”
The full report can be read here.