UK targets green trade to help ‘de-put’ global economy

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(Bloomberg) – Green trade could help the world end its dependence on Russian fossil fuels, UK Commerce Secretary Anne-Marie Trevelyan said in a speech on Wednesday, outlining Britain’s efforts to use trade to reduce carbon emissions.

In a speech at Bloomberg’s London headquarters, Trevelyan said the trade in green technology, including renewable energy, was crucial to boosting the British economy as well as reducing demand for oil and gas from Russia in the wake of Ukraine’s invasion.

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Britain aims to phase out Russian oil imports by the end of the year and to stop importing Russian gas as soon as possible.

The Ukraine conflict has “reminded the world that we must de-putt the world economy,” Trevelyan said, according to a statement from the Department of International Trade. “These past months have highlighted the need to accelerate our journey as a global community away from hydrocarbons.”

According to Trevelian, the UK seeks to “cut the global green growth reward” by occupying a portion of the global market for low-carbon exports, which is projected to reach around 2 trillion pounds ($ 2.5 trillion) a year by 2030.

To that end, the minister announced two loan guarantees on Wednesday to help British exporters. The first, a total of 8 138 million, will go to Megar Group Limited, which manufactures electrical testing equipment, to help the manufacturer build a factory and increase sales abroad. Second, the manufacturer will approach Mess Group Limited to assist in the development of a 50 million-pound guarantee environmentally-friendly infrastructure project.

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