UK government to outline plans to end dependence on ‘polluting fuels’

International trade secretary to reveal plans to phase out imports of Russian oil and gas

UK Secretary of State for International Trade Anne-Marie Trevelyan says there is a need to 'decisively turn our backs on the era of dependence on polluting fuels'. AP

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International Trade Secretary Anne-Marie Trevelyan will set out plans to support green trade as part of the plan to cut the world’s dependence on Russian oil and gas.

In prepared remarks to be delivered during a speech at Bloomberg’s London headquarters on Tuesday, the minister will say there is a need to “decisively turn our backs on the era of dependence on polluting fuels”.

Ms Trevelyan’s plans include supporting British firms exporting technology to help with the shift to cleaner forms of energy.

She will say that sanctions on Russia and reduced reliance on fossil fuels will “de-Putinise the world’s economy”, referring to Russian President Vladimir Putin.

The UK’s green economy is projected to grow by 11 per cent per year out to 2030, and by 2050, more than 1.2 million people could be directly employed in low carbon goods and services sectors — a six-fold increase from today.

Ms Trevelyan will confirm loan guarantees worth almost £190 million ($237m) for two firms and announce a new Green Trade and Investment Expo in the north-east this autumn to capitalise on the commercial opportunities as countries around the world seek to cut emissions.

“This terrible conflict in Ukraine has underlined what can be achieved through a cohesive global approach,” Ms Trevelyan will say in her speech.

“It has also reminded the globe that we must de-Putinise the world’s economy.

“We are doing this through sanctions, and by cutting off access to the oil revenue that power his war machine.

“That’s why here in the UK, we have announced we will phase out imports of Russian oil and gas.

“These past months have highlighted the need to accelerate our journey as a global community away from hydrocarbons to decisively turn our backs on the era of dependence on polluting fuels and transition to a net-zero future.”

She will announce a £138m ($172m) loan guarantee package for electric power manufacturer Megger, supporting 350 jobs, and £50m ($62m) for construction company Mace.

“Delivering net zero is not just in the world’s environmental interest but it is in our economic interest too,” Ms Trevelyan will say.

“The financial case for green trade is very clear.

“The global market for low-carbon exports is growing rapidly.

“By 2030, it’s projected to be worth almost £2 trillion ($2.5tn).”

The north-east expo will be jointly hosted by the Department for Business, Energy and Industrial Strategy.

“Now more than ever, we need innovators, wealth creators and risk-takers to invest their billions into new British industries to create hundreds of thousands of jobs and shore up our energy security — all the more important as Putin wages his illegal war in Ukraine,” said Business Secretary Kwasi Kwarteng.

“With investment opportunities worth up to £100 billion ($125bn) up for grabs, our expo later this year will fly the flag for Britain as we look to accelerate our plans to generate more home-grown clean energy and boost British manufacturing.”