With world leaders condemning Putin’s unprovoked war against Ukraine, the United Kingdom are phasing out imports of Russian oil and gas in attempt to ‘de-Putinise’ the world’s economy and create an independent, stabilised economy.

The ‘Green Trade’ is an initiative created by the UK government that focuses on domesticating production of net zero alternatives to oil and gas. It encourages investment and growth in green industries and opens up the opportunity of dealing in new global markets for environmental goods and services.

The plan is crucial in growing the UK’s economy and achieving both net zero and securing future success.

A speech given by the International Trade Secretary confirmed: “Since the start of the invasion more than £4billion of Russian products have been subjected to full or partial import and export sanctions… Both through sanctions, and by cutting off access to the oil revenues that power his war machine. That’s why here in the UK, we have announced that we will phaseout imports of Russian oil and gas.”

The Trade Secretary commented that the net zero target not only supports the UK’s environmental interest, but it will positively impact the economy as a result. Since the news broke, it has been reported that the UK’s green economy will be positively impacted. It is projected to grow 11% per year by 2030, and by 2050 over 1.2 million people could be employed in low-carbon goods and services divisions, equalling a six-fold increase from 2022.

Furthermore, last year the Prime Minister spoke about the vital importance of assisting companies in making this fundamental change at COP26- the United Nations Climate Change Conference- “As we look at the green industrial revolution that is now needed – We in the developed world must recognise the special responsibility to help everybody else to do it.”

Already, the economic impact can be seen in the North with news from Siemens Gamesa- located in Hull- investing £186 million into expanding their offshore wind blade factory, which increased its workforce by 1,200people.

The International Trade Secretary lastly announced plans to hold anew Green Trade Investment Expo in the North East this autumn. This Expo will be hosted by the Department for Business, Energy and Industrial Strategy and see global investors alongside UK businesses strategise ways on capitalising on the commercial opportunities produced by the net zero drive.

The impact of the Green Trade will see the UK economy boom within the next 10 years and provide ample opportunity for net zero investments as the rising green economy is set to flood the country.

This should be a clear sign for investors to buy into property within these growing regions. As more jobs are created, there will be a surge in property demand.

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