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green finance

UK Export Finance (UKEF) has used the COP26 platform to call on British businesses to take advantage of renewable export opportunities in the race to net zero.

The country’s export credit agency is highlighting the global reach of the UK and the scope for businesses to take the lead in driving a more sustainable future.

According to the government statement calling for more exporters to go green, environmentally friendly trade will deliver up to £170bn of export sales in goods and services for the UK by 2030. 

International cooperation

UKEF representatives spoke of these opportunities at the UK pavilion at COP26 and outlined the need for international cooperation to finance green projects.

International trade secretary Anne-Marie Trevelyan, who is also an international champion on adaptation and resilience at COP26, said there were huge opportunities for UK businesses to be at the forefront of a sustainable future.

“The UK can be very proud of our expertise and quality, which are in demand around the globe. UKEF is here to provide the financial support our exporters need to grow and spur an international green industrial revolution,” she added.

UKEF highlighted the examples of Lancaster-based wind farm supplier First Subsea, offshore engineering company Offshore Design Engineering (ODE) Group, and clean water provider Aqua Africa, all of whom have used UKEF’s support to win millions of pounds of overseas sustainable contracts.

Green industrial revolution

Energy Live News reports that clean and green exports currently make up half of UKEF’s multi-billion pound business development pipeline of potential deals.

Prime minister Boris Johnson has called for the UK to lead a green industrial revolution, with British firms using their expertise in green technologies to boost exports.

As the COP26 conference, the PM also launched a £3bn Clean Green Initiative to help developing countries achieve sustainability and access green technology.