The UK needs a major step up in efforts to become a premier location for low carbon technologies if it is not to risk losing out on a slice of a £4.5 trillion business opportunity, a new report suggests.
The report called Under the microscope - Is UK PLC ready for low carbon? was launched by manufacturers organisation EEF (16 November). It examines how the UK rates as a location for low carbon industries.
According to the report, low carbon technology is projected to reach £4.5 trillion by 2015 and the UK risks failing behind other countries around the world who are setting out ambitious plans to develop their own low carbon industries.
EEF energy adviser Roger Salomone said: The last two years has seen more progress towards a low carbon economy than in the previous ten, but we cannot afford to rest on our laurels. While the UK now has a low carbon industrial strategy that has laid the foundations, we cannot ignore the fact the UK is behind the curve and playing catch up in this area.
The EEF has called for Government to introduce a green bond scheme that allows manufacturers to use future tax benefits to finance low carbon technologies at the critical stage of their development.