Green trade deals can help end the world’s dependence on Russian oil and gas and ‘depoutinise’ the global economy, UK Trade Secretary Anne-Marie Trevelyan said on Wednesday, hinting that companies could be encouraged to invest more in green technologies.
Russian President Vladimir Putin said on Tuesday that it was impossible for some European countries to quickly give up Russian oil, as proposed by the European Union. Britain is less dependent on Russian energy than its continental neighbours.
“This terrible conflict has highlighted what can be achieved through a coherent comprehensive approach. It also reminded us that, as a matter of urgency, we need to de-Putinise the global economy,” Trevelyan said during the Bloomberg speech in central London.
“The past few months have underscored the need to accelerate our journey as a global community away from hydrocarbons: to decisively turn our backs on the era of dependence on dirty fuels and move to a Net Zero future.”
The opposition Labor Party has called for a windfall tax on energy companies that have benefited from higher oil and gas prices due to the invasion of Ukraine, and the government has said no option was conceivable if companies did not reinvest their profits.
Asked if a windfall tax could help UK companies move away from fossil fuels, Trevelyan said she could not comment on the finance ministry’s plans.
“We need to see our big energy companies invest in clean energy technologies in the future, and they are doing it,” she said, but added that companies could be pressured to go further if insufficient progress is made. made.
“The direction of travel is very clear… We have to do everything we can to incentivize and maybe gently, you know, push along, that’s what we expect and need them to do.”
Russia will service foreign debt in rubles if other options are blocked: finance minister
Oil prices rise slightly on expectations of Chinese demand recovery and US crude drawdowns
Russia may soon cut gas to Finland: energy group