Commons Sense

House of Commons · Ministers' Questions

UK’s Green Industries: Foreign Direct Investment

Thursday 21 April 2022 · 5 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 2 Partly answered 2 Not answered 0

Key points

  • Last year, the Department delivered the global investment summit, securing almost 10 billion of foreign investment in UK's green sectors.
  • The UK signed a trade deal with Norway and Iceland in July, one of the greenest deals ever and preserving rights to regulate for net zero targets.
  • The Department launched initiatives such as the high potential opportunities programme and trade and investment hubs to support international investment across the UK.

Topics (select to filter)

Questions & Answers

Q1 Felicity Buchan
Climate Business & Trade
Context

The question follows from Felicity Buchan's efforts to boost the UK's trade with Norway and Iceland.

Question

What steps her Department has taken to increase foreign direct investment in the UK's green industries?

Answer from Ranil Jayawardena

Last year, on behalf of the Prime Minister, we delivered the global investment summit which saw almost £10 billion of foreign investment into our offshore wind, hydrogen and electric vehicle sectors. Meanwhile, the Office for Investment landed almost £18 billion of further green deals.

Answered
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Q2 Felicity Buchan
Climate Business & Trade
Context

Follows from the first question, focusing on discussions specifically with companies in Norway and Iceland.

Question

Will my hon. Friend update the House on the discussions we have had specifically with companies in Norway and Iceland?

Answer from Ranil Jayawardena

The United Kingdom is committed to deepening her partnership with Norway and Iceland, which was reinforced by the trade deal I signed in July last year. It is one of our greenest deals ever and preserves our right to regulate to reach our net zero targets.

Partly answered

Not addressed: The answer avoids specifics on discussions had with companies but mentions a specific deal.

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Q3 Drew Hendry SNP
Scotland Energy Business & Trade
Context

The question relates to the recent ScotWind announcement from the Scottish Government, which is significant in offshore wind energy.

Question

Will the Minister join me in congratulating the SNP Scottish Government on making Scotland a global leader in offshore wind energy? Will he pledge to do all in his power to support this fantastic international trade and transition opportunity?

Answer from Ranil Jayawardena

I am delighted that the SNP now supports the British energy security strategy, which champions the power of offshore wind energy. I am also delighted that foreign investors are already responding to the United Kingdom Government's proposals, including in the form of a sovereign investment partnership with the United Arab Emirates, which is investing £10 billion, including funds for energy transition.

Partly answered

Not addressed: The answer does not provide a specific pledge or commitment but acknowledges support from foreign investors.

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Q4 Drew Hendry SNP
Scotland Business & Trade
Context

The question builds on the previous one, focusing on maximizing opportunities for international trade in offshore wind energy.

Question

Will the Minister commit his Government to working with the Scottish Government to maximise this massive transition and international trade opportunity?

Answer from Ranil Jayawardena

We work with devolved Administrations across the kingdom to make sure that every corner of the country benefits from international trade. The truth is that while we are batting for every corner of the country, backing British businesses and supporting Scottish jobs, the SNP wants to cut Scotland off from its largest market, which is the British internal market.

Not addressed: The Minister deflects by discussing internal market issues rather than committing to work with the Scottish Government.

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Q5 Martin Vickers Con Brigg and Immingham
Climate Business & Trade
Context

The question focuses on initiatives to develop export opportunities for British-based companies in the green sector.

Question

What initiatives is the Department taking to develop those opportunities?

Answer from Ranil Jayawardena

The Department has already launched interventions to support international investment into all corners of the country. Those interventions include the high potential opportunities programme and the trade and investment hubs. The hub in Darlington assists more than 1,000 foreign direct investment projects throughout the country which will drive the technology forward.

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