Britain eyes green trade to end world's dependence on Russian energy

Britain is less dependent on Russian energy than its continental neighbours. PHOTO: AFP

LONDON (REUTERS) - Green trade deals can help to end the world's dependence on Russian oil and gas and "de-Putinise" the global economy, Britain's trade minister Anne-Marie Trevelyan will say in a speech on Wednesday (May 18).

Russian President Vladimir Putin said on Tuesday that it was impossible for some European countries to quickly ditch Russian oil, as the European Union is proposing.

Britain, which is less dependent on Russian energy than its continental neighbours, said that the rapidly growing green sector could help other countries cut reliance on Russian oil and gas.

"This terrible conflict in Ukraine has underlined what can be achieved through a cohesive global approach. It has also reminded the globe that we must de-Putinise the world's economy," Trevelyan will say, according to speech extracts released by her office.

"These past months have highlighted the need to accelerate our journey as a global community away from hydrocarbons, to decisively turn our backs on the era of dependence on polluting fuels, and transition to a Net Zero future."

In the speech she will announce loan guarantees for green businesses worth nearly 190 million pounds (S$329 million) and a green trade and investment expo in the north-east of England in the autumn, her office said.

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