Green trade crucial for economic security and net zero, says International Trade Secretary

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  • Green trade has key role to play in ending dependence on Russian energy, International Trade Secretary says in Bloomberg speech
  • Nearly £190m of new loan guarantees announced to fuel green growth and support 350 UK jobs
  • UK Green Trade & Investment Expo to take place in October, building on £9.7bn green investment secured at Global Investment Summit 2021

Green trade is essential to growing the UK’s economy, achieving net zero emissions and driving our future prosperity, the International Trade Secretary said today (18 May).

In a speech to Bloomberg, Anne-Marie Trevelyan will outline the UK’s pioneering role in harnessing trade to tackle climate change, and how promoting renewable energy can reduce dependence on Russian oil and gas and strengthen the UK’s energy security.

The UK’s green economy is set to grow by 11% per year until 2030, and by 2050 over 1.2 million people could be directly employed in low-carbon goods and services sectors , six times more than today.

The International Trade Secretary will also announce a new green trade and investment expo in the North East this fall, hosted alongside the Department for Business, Energy and Industrial Strategy. The Expo will bring together UK businesses and global investors to capitalize on the business opportunities of our move to net zero.

This will build on the £9.7bn of investments secured for offshore wind, hydrogen and electric vehicles in the UK at the Global Investment Summit last year.

International Trade Secretary Anne-Marie Trevelyan will say:

This terrible conflict in Ukraine has demonstrated what can be achieved through a coherent comprehensive approach. It also reminded the world that we need to depoutinize the global economy.

We do this through sanctions and by cutting off access to the oil revenues that fuel its war machine. That is why here in the UK we have announced that we will phase out Russian oil and gas imports.

The past few months have highlighted the need to accelerate our journey as a global community away from hydrocarbons. Resolutely turn our backs on the era of dependence on polluting fuels and move to a Net Zero future.

Trevelyan will also today announce a £138m loan guarantee for electricity manufacturer Megger, backed by UK Export Finance, the government’s export credit agency. The loan will help them build a new £15million factory, boost exports around the world and support 350 jobs in the UK.

Megger supplies electrical test equipment for the UK power grid to help keep the country’s lights on. This in turn supports the transition to renewable energy, which is vital to our net zero ambition.

Megger Group Chief Financial Officer Jeremy Simpson said:

UKEF has recognized that Megger is a growing UK-based company, designing and manufacturing high value-added products with strong global exports and growth prospects in new markets.

UKEF’s loan guarantee will help us invest in smarter electricity technologies, to help grid operators achieve their goals of increasing efficiency and saving money for them and their customers. consumers.

Today the International Trade Secretary will also announce a £50m loan guarantee backed by UK export finance for construction firm Mace to bolster its growing export business.

The loan includes sustainability goals to encourage the company’s transition to net zero and green growth. It will allow Mace to continue to support environmentally friendly infrastructure projects and create new green jobs.

Mace’s Chief Financial Officer, Richard Bienfait, said:

We are delighted to enter into this agreement with UK Export Finance, which will support our overseas growth and our important sustainability priorities. Mace is committed to ensuring that we do everything we can to pursue a sustainable world – and this landmark funding agreement reflects that ambition.

Green trade presents a major opportunity for the UK, creating high value-added jobs in the low-carbon economy and fueling technological innovations that can be exported around the world.

The global market for low-carbon exports is expected to grow to almost £2 trillion by 2030, and in his speech Trevelyan will explain how the UK can leverage and ‘reap the rewards’ of global green growth “.

The Secretary of International Trade will continue:

Achieving zero emissions is not only in the environmental interest of the world, but it is also in our economic interest.

The financial arguments for green trade are very clear. The global low-carbon export market is growing rapidly. By 2030, it is expected to be worth nearly £2 trillion.

A potent combination of ambitious entrepreneurs, lofty ambitions and firm, determined government support has put the UK in a leading position to take advantage here.

This translates into exciting opportunities for us. Quite simply – green business means green jobs.

Business and Energy Secretary Kwasi Kwarteng said:

Now more than ever, we need innovators, wealth creators and risk takers to pour their billions into new UK industries to create hundreds of thousands of jobs and boost our energy security – d all the more important as Putin is waging his illegal war in Ukraine.

With investment opportunities worth up to £100bn up for grabs, our Expo later this year will fly the flag of Britain as we seek to accelerate our plans to generate more energy clean and boost British manufacturing.

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