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UK focuses on green trade to ‘de-putinize’ global economy

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(Bloomberg) – Green trade could help the world end its reliance on Russian fossil fuels, Britain’s trade secretary Anne-Marie Trevelyan said in a speech on Wednesday outlining Britain’s efforts to use trade to fuel its pursuit of the global economy. to promote the elimination of carbon emissions.

Speaking at Bloomberg’s London headquarters, Trevelyan will say that trading green technologies, including renewable energy, is crucial to boosting the UK economy and curbing oil and gas demand from Russia after the invasion of Russia. Ukraine.

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Britain aims to phase out Russian oil imports by the end of the year and eliminate Russian gas imports as soon as possible after that.

The conflict in Ukraine has “remind the world that we need to de-putinize the global economy,” Trevelyan will say, according to a statement from the Ministry of International Trade. “The past few months have highlighted the need to accelerate our journey as a global community away from hydrocarbons.”

The UK aims to “reap the benefits of global green growth” by capturing part of a global low-carbon export market expected to reach nearly £2 trillion ($2.5 trillion) per year by 2030, according to Trevelyan’s comments.

To this end, the minister will announce two loan guarantees on Wednesday to help British exporters. The first, totaling £138 million, will go to Megger Group Ltd., which makes electrical test equipment, to help the manufacturer build a factory and boost sales abroad. A second £50 million guarantee goes to builder Mace Group Ltd. to help develop environmentally friendly infrastructure projects.

©2022 Bloomberg LP

Bloomberg.com


This post UK focuses on green trade to ‘de-putinize’ global economy was original published at “https://financialpost.com/pmn/business-pmn/uk-targets-green-trade-to-help-de-putinise-global-economy”

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