UK Export Finance could support 42,000 green jobs by reallocating funds from oil and gas
UK Export Finance could support 42,000 green jobs by reallocating funds from oil and gas
15 October 2020, source edie newsroom
The UK Government's direct lending facility could support more than 40,000 jobs in the renewables sector annually by 2035, if it were to assume liabilities for renewable exports like it currently does for oil and gas, new research has found.
The Chancellor announced in March the UKEF would receive an additional £2bn to finance clean energy projects overseas
Research carried out by Vivid Economics, on behalf of the European Climate Foundation, has found that the UK Export Finance (UKEF) could support 42,000 jobs in the renewables sector each year by 2035, up from 2,000 today.
It could do so by matching the same support it provides to the oil and gas sector. The research report notes that the Government currently underwrites each job in the oil and gas sector at a sum of around £250,000. However, this finance could be better used to support small re..