A survey by technology manufacturer Siemens has found spiralling energy costs have become a primary concern for the UK manufacturing industry.
According to the research, almost nine in ten businesses now discuss energy matters at executive level.
Siemens surveyed 600 manufacturers, with a large proportion of the candidates confirming that energy costs were a “business critical issue”.
The findings follow a worrying trend in sustainability for the manufacturing industry, who have been facing rising costs that have resulted in the closing of factories and businesses, reported Financial Times. Business leaders have subsequently warned that if these costs are not kept under control, the stability of the industry as a whole as well as the UK economy would be subject to financial turbulence.
Steve Barker, head of energy efficiency and environmental care at Siemens, said, “For UK industry, the challenges around managing energy consumption will only intensify in the years to come and doing nothing is not an option for businesses that want to thrive.”
Rising costs have forced businesses to engage in more effective energy management systems and sources, with the report highlighting a drive in investment for renewable energies and energy saving technologies.
A recent report by the House of Commons Library has found the UK retains the fastest growing energy bills in the developed world, especially in the domestic market, regardless of it being cheaper to develop than other western nations.
According to the report by Siemens, the aerospace industry is leading the way in energy management, with more than two-thirds investing in energy efficient technologies – while metals and aggregates fall behind with only 41%.
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