A new report published today sets out how free and fair trade can support the low carbon transition and calls on UK to challenge green protectionism.
A new report published today [21 July] outlines the role free trade and free-market can play in accelerating the global transition to a low-carbon economy, challenging green protectionism.
The second report by the Board of Trade – Green Trade – shows how free markets are critical to tackling climate change, enabling the free flow of information and proliferation of green technology, challenging the narrative that free trade is a threat to the environment. It also addresses green protectionism, whereby environmental aims are used as a cover to enact damaging protectionist policies.
The Board demonstrates how green trade presents a major economic opportunity for Britain that will drive high-value jobs and sustainable growth into every part of the country. The report encourages the UK to champion free trade and bring together the trade and climate agendas on the global stage.
It recommends the UK leverages its trade agenda to speed up the global green transition by:
promoting the UK’s green exports and technology overseas
using the UK’s independent trade policy to reduce barriers to green trade and tackle environmentally damaging market distortions – such as industrial subsidies
attracting foreign investment to build the UK’s green industrial base
The new report will be launched today at a Board of Trade meeting at Trades Hall in Glasgow, hosted by International Trade Secretary Liz Truss, where she will be joined by Advisers to the Board of Trade as part of a two-day visit to Scotland. The meeting comes ahead of the UK hosting COP26 in Glasgow this November.
During her visit, the Secretary of State will meet international investors, clean growth businesses and Scottish exporters who employ the latest green technology and export their products globally. This includes Mitsubishi, Scottish Power and BAE systems. She will also be hosting a fintech roundtable in Edinburgh, visiting Clydeside Distillery in Glasgow and attending a ‘Made in Britain. Sold to the World’ showcase of iconic Scottish exporters at an evening reception in Glasgow.
Liz Truss, International Trade Secretary, said:
Experts predict the UK’s low-carbon economy could grow by 11% per year between 2015 and 2030 – four times faster than the rest of the economy – delivering between £60 billion and £170 billion of export sales in goods and services by 2030.
By 2050, there could be more than 1.2 million full time workers directly employed in England’s low carbon industries.
RenewableUK CEO Dan McGrail said:
Lord Mayor of the City of London William Russell said:
Scottish Secretary Alister Jack said:
Emma Howard Boyd, Chair of the Environment Agency and Adviser to the Board of Trade, said: