- Campaign highlights the overseas renewable energy
opportunities UK businesses can take advantage of
-
UKEF supports businesses
to deliver vital exports in sectors like offshore wind, solar
and hydrogen, with a pipeline of export opportunities for UK
suppliers
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UKEF helps businesses
transitioning to or exporting renewable goods to win, fulfil
and get paid for contracts abroad
UK Export Finance (UKEF),
the UK’s export credit agency, has today launched a call to
action to businesses across the country to take advantage of
renewable export opportunities around the world in the race to
net zero.
Launched at the COP26 conference in Glasgow, UKEF is highlighting the global reach
of ‘Made in Britain’ excellence and the scope for businesses to
take the lead on driving a more sustainable future.
Green trade is set to be worth £1.8 trillion by 2030, delivering
up to £170 billion of export sales in goods and services for the
UK by 2030. UKEF has
enormous liquidity for UK businesses to tap into and take
advantage of green trade, with a £50 billion capacity to support
UK exports.
In recent years, UKEF’s
support has helped UK businesses to win export contracts in over
80 countries, including Spain, Taiwan, Dubai and Ghana,
developing wind farms, solar-powered clean drinking water and
sustainable transport. In turn, this is estimated to have helped
support 64,000 jobs each year since 2018.
The campaign emphasises the work of Lancaster-based wind farm
supplier First Subsea; offshore engineering company Offshore
Design Engineering (ODE) Group; and clean water provider Aqua
Africa, all of whom have used UKEF’s support to win millions of
pounds of overseas sustainable contracts.
Clean and green exports currently make up at least 50% of
UKEF’s multi-billion pound
business development pipeline of potential deals it may be able
to support in the future and UKEF is seeking to connect UK
suppliers with these international projects.
UKEF is highlighting these
opportunities this week at COP26 in the UK Pavilion alongside
other international Export Credit Agencies, outlining the need
for greater international cooperation to finance green projects.
International Trade Secretary and UK International
Champion on Adaptation and Resilience for the COP26 Presidency,
, says:
As the world becomes greener, there are huge opportunities for
businesses across the UK to be at the forefront of a sustainable
future.
UK Export Finance has the tools exporters need to tap into green
markets across the world with over £2 billion of lending
dedicated to financing clean growth and huge capacity to support
SMEs.
The UK can be very proud of our expertise and quality, which are
in demand around the globe. UKEF is here to provide the financial
support our exporters need to grow and spur an international
green industrial revolution.
, Managing Director, First Subsea
Ltd. said:
We thought renewables was an up-and-coming industry, and were
very excited about the wind farms around the coast of the North
West. We then realised it was a global marketplace, but quickly
understood that the commercial proposition was very different to
oil and gas. That meant we had much more of a challenge to
overcome in terms of financing, bonds and payment terms.
Our bank and UKEF worked
very well together and delivered us a product very quickly, and
we have potentially had a major game change in this business
because of this funding, so I would encourage other businesses to
take advantage.
