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Anne-Marie Trevelyan, UK energy minister
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The UK’s energy minister has been booked to give the opening address at Subsea Live later this month.
Anne-Marie Trevelyan is expected to affirm Westminster’s support for and recognition of the size, scale and potential of the underwater industry.
The new TV studio-based event, organised by industry body Subsea UK, will explore how the subsea supply chain can capitalise on the opportunities presented by the energy transition and the blue economy.
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Britain, like Ireland, is emerging gradually and cautiously from lockdown and from a big economic shock. That was the backdrop to last week’s Budget statement from Chancellor Rishi Sunak. There’s a lot in it to excite and interest Irish businesses.
In particular, our commitment to the green agenda, focus on science and technology and a renewed appetite for innovation presents tremendous potential for trade and investment. A big part of this will be building the community, regional and national infrastructure that makes people’s lives better and increases connectivity.
The skills and experience of Irish entrepreneurs and investors, in construction, engineering, technology and professional services mean Ireland is in a strong position to take advantage of opportunities as both countries rebuild their economies and societies.
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On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
Green Finance
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to a