Global executives are gathering in Gateshead at a landmark trade expo amid moves to win new investment in sustainable industries.
Hosted by the Department for International Trade (DIT) and the Department for Business, Energy and Industrial Strategy (BEIS), the Green Trade and Investment Expo is bringing together UK businesses and global investors to capitalise on commercial opportunities triggered by the UK’s quest to reach net zero.
Trade Secretary Kemi Badenoch MP is set to speak at the event, to announce a three-pronged approach to using trade to ensure the UK is ready to tackle crucial global challenges ahead. Within her speech Ms Badenoch is set to highlight the high level of green investments made by the Government and its ensuing economic benefits, highlighting the past two years in which the Government says it has secured £19.8bn in new investment and created over 11,000 new jobs.
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Total foreign investment is said to have created nearly 85,000 new jobs in the UK in 2021 and 2022, while £100bn of private sector investment is expected to support nearly 500,000 new jobs by 2030. Ahead of the expo, she said investment in clean energy will be “the future-proofing force that will help us create a better tomorrow”.
She said: “We know trade and investment grows our economy, creates jobs, and puts money in people’s pockets – but it also has the power to tackle the challenges we see around the world. Now is the time to future-proof our economy by investing in cutting-edge green technology, protecting our long-term energy security and creating thousands of jobs in industries of the future. In just two years we’ve helped to secure £20bn in green investment from everywhere from Spain to South Korea, creating over 11,000 jobs. I am committed to continuing to bang the trading drum for Britain to boost economic growth and level up the UK for generations to come.”
Announcements expected at the Expo include Northern Ireland-based bus manufacturer Wrightbus, which has secured an £18m Green Trade Loan and £8m Green Bank Guarantee, with an 80% guarantee from UK Export Finance (UKEF). This will enable them to export net-zero buses to new markets, including to Australia and Germany.
Leicester based Flogas will also confirm a £50m investment to upgrade Avonmouth terminal to store liquid petroleum gas and handle renewable biogas and hydrogen, opening up a potential global supply of renewable fuels to the UK.
A total 24 businesses will be showcasing at the Expo, including engineering giant Rolls-Royce and Gateshead innovation hub Proto.
Minister of State for Climate Change, Graham Stuart added: “The UK is number one in Europe for renewable investment opportunities, with the highest offshore wind capacity, one of the largest potential CO2 storage bases, and a fast-emerging centre of excellence for hydrogen propulsion and EV batteries.
“The deals struck here in Gateshead will not just bolster our country’s green transition and energy security, but will grow the UK’s economy - supporting livelihoods and helping in our fight against climate change.”
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