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Green Industrial Sector

Volume 727: debated on Thursday 9 February 2023

16. What steps her Department is taking to help increase trade opportunities for the green industrial sector. (903582)

Green trade is a foundational building block of sustainable growth, helping to protect our environment and our energy security, and future-proof UK jobs. In the two years to October 2022, the Government have supported £20 billion of net zero-related inward investment to help grow our green industries.

Does my hon. Friend agree that, if we drag our feet developing new renewable energy industries, foreign investment will go overseas?

I agree with my hon. Friend and thank her for her incredible work on the Celtic sea initiative. I attended her reception in Parliament, which was very well attended indeed and very optimistic about the potential for the Celtic sea.

We know that the net zero transition will create new industries worth around $10 trillion to the global economy by 2050. We recognise that the international landscape is becoming increasingly competitive as a result, but we are not dragging our feet. Securing inward investment to the UK’s green economy is a top priority for the Government, and the Department will be working closely with the Department for Energy Security and Net Zero, UK Export Finance and the Office for Investment, using all the levers at our disposal to promote the UK offer overseas.