The report warned that the country was already “rapidly falling behind the EU” on green manufacturing investment and called for the government to provide cash incentives for green manufacturing businesses to set up in the UK.
With manufacturing jobs concentrated in “left behind” areas, the report added that failing to secure green investment would further “devastate” industrial communities and cause political problems for the government in vital “red wall” seats.
“If the government fails to secure these green factories, then they will go to the UK’s competitors in Europe, the United States and Asia,” the report said.
In some sectors, the UK could have even less than five years to secure investment, according to the researchers behind the report.
Given current building project timelines, Onward said it expected most European EV and battery factories would be built by 2030, ready for the likely peak in demand. However, with such plants taking around five...