Badenoch calls for green investment to future proof UK economy

Written by on 1 November 2022

Badenoch calls for green investment to ‘future-proof’ UK economy

The UK must “future-proof” its economy by investing in cutting-edge green technologies, International Trade Secretary Kemi Badenoch has said.

In a speech to the green trade and investment expo in Gateshead, Tyne and Wear, on Tuesday, Ms Badenoch will say new technologies to combat climate change are creating high-paying skilled jobs while providing a route to future energy security.

Her call comes amid warnings that the UK battery start-up, Britishvolt, which had been developing a £3.8 billion gigafactory in Blyth, Northumberland, is facing potential administration, putting almost 300 jobs at risk.

In her speech, Ms Badenoch is expected to highlight the UK’s success over the past two years in securing almost £20 billion in green inward investment, creating more than 11,000 new jobs.

In a statement ahead of her address, 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.

“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.”

Among the announcements expected at the event is confirmation of a £26 million finance package for the Northern Ireland-based bus manufacturer Wrightbus, to support the export of zero emission buses around the world – including to Australia and Germany.

Meanwhile Flogas will confirm a £50 million investment to upgrade the Avonmouth terminal to store liquid petroleum gas and to handle renewable biogas and hydrogen, opening up a potential global supply of renewable fuels to the UK.

Published: by Radio NewsHub

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