Research and Development has always been at the heart of countries and their technological advancements. It’s a process that is used to create products/services with the end goal to help improve our quality of life. However, in recent years, more investment has been going into R&D, due to the political, economic and sustainable factors surrounding the global issues. One global issue in particular surrounding climate change and global warming has been at the forefront of all things-R&D.
The UK Government have stepped up their policy changes to suit a more sustainable world for the future generations. There have been some recent significant climate-change press conferences which have generated more awareness in changing from fossil-fuel related production to solar/wind/electric alternatives. These events have ranged from Greta Thunberg’s speech at the UN’s Climate Action Summit to the recent G7 summit in Cornwall. Both of which will go down as major turning points in the revolutionary change to sustainable forms of global production.
So how does R&D play a part in all of this?
Quite frankly, R&D has every part to play in this new global vision for sustainability.
One example is the recent Nissan expansion plans in the city of Sunderland. They have undergone R&D in previous years, to plan for building a huge production scale capacity in manufacturing their new electric cars. This was to ensure that they’d keep up with the UK Government’s plan of banning the sale of all petrol and diesel cars by 2030.
This is one of many case studies where you will find companies adjusting to the sustainable goals set by Governing bodies. The only way for these corporations to react is by undergoing R&D to understand what innovative methods they can use to reduce their carbon footprints etc. This shows exactly how important a role R&D has in improving the environmental performance of an industry, which has a domino effect in improving overall sustainable development. International energy agency figures indicate that technologies and best practices could save between 18-26% of current primary energy use in the global industry.
French academic Michael Matlosz stated that the “Value chains, supply chains and market relationships are changing, so business models must adapt. Sustainable development is both a challenge and an opportunity for the process industries in Europe.” Further reiterating the significance and importance of firms undergoing R&D to adjust their means of production for a sustainable future.
With the continued emphasis on sustainability, there may be some additional funding and grants being provided to firms in order to boost innovative practices with R&D.
What is currently available to help with costs is the R&D Tax Credit scheme which can help any small-medium enterprise claim back costs related to their research and development.
Here at Green Jellyfish, we have a group of dedicated R&D Tax specialists who guide your claim to success with full transparency at every stage.
If you are looking to make an R&D Tax Credit claim for your business (of any industry), the Green Jellyfish team are more than happy to help.
Contact us at 033 000 20010