The UK is main a worldwide settlement to make inexperienced applied sciences cheaper and extra accessible all over the world, whereas additionally creating inexperienced jobs for generations each at house and overseas.
Talking on the COP27 negotiations in Egypt, the Enterprise Secretary introduced over £65 million funding to assist velocity up the event of recent inexperienced applied sciences – backed by the expertise and experience of British enterprise.
This builds on the legacy of COP26 in Glasgow, the place the UK based a coalition of nations to scale and velocity up the event and deployment of unpolluted applied sciences and drive down prices this decade, often known as the Breakthrough Agenda.
Mr Shapps stated it will likely be the efforts of entrepreneurs, innovators and the worldwide neighborhood that may assist reduce world emissions within the coming decade and obtain web zero by 2050 – one thing right now’s investments will assist obtain.
These measures will assist increase a complete world market in clear vitality applied sciences, making them accessible and inexpensive to creating international locations – and enabling UK firms to share their expertise and experience on this important and rising business.
Enterprise Secretary Grant Shapps stated:
Inexperienced means progress, and with our present abilities in clear applied sciences, UK companies might be world leaders in an business that may solely increase, creating jobs for generations to come back whereas additionally defending our valuable planet.
At COP27 we’re main worldwide efforts to make sure these new improvements may be extra accessible and inexpensive to heavy, energy-intensive industries in among the world’s poorest international locations.
These agreements are a key a part of us attaining our web zero targets and our world efforts to chop emissions – however I’m additionally proud that they may imply extra international locations will profit from the information and experience now we have nurtured right here on UK shores.
The UK is already a world chief within the newest inexperienced applied sciences, starting from the event of hydrogen instead gas, to the manufacture of electrical autos.
At present’s bulletins not solely spotlight the UK’s main place on tackling local weather change, in addition they present how this nation is influencing worldwide markets to go greener, in a method that provides the UK a bonus over different international locations in delivering jobs, progress and funding within the UK.
The Enterprise Secretary introduced:
- that the UK has constructed a coalition of governments, representing greater than half of world GDP, who will take ahead actions to hurry up the event of recent options to fossil fuels for the carbon-intensive sectors, in order that by 2030 they use the most affordable and most tasty choices out there to companies in rising and creating economies
- a UK pledge of £65 million in direction of the world’s first massive scale Business Transition Programme, by the Local weather Funding Funds, to help energy-intensive industries in creating economies together with India and Indonesia to go inexperienced
- UK authorities’s help, alongside Germany, for a brand new funding window for initiatives creating modern and transformational clear applied sciences. Set to open in 2023, this funding from the Mitigation Motion Facility will go to key precedence sectors – vitality, transport and business – recognized within the Breakthrough Agenda at COP27. This may help creating international locations to attain their objectives for tackling local weather change and decreasing emissions
This comes on prime of the Prime Minister’s announcement of an additional £65.5 million for the Clear Power Innovation Facility, which supplies grants to researchers and scientists to speed up the event of modern clear vitality applied sciences in creating international locations. Because the UK-led fund was launched in 2019 it has up to now supported 76 initiatives, together with the creation of biomass-powered refrigeration in India, prototype lithium-ion batteries in Nigeria and clear hydrogen-based fuels for metal manufacturing in Morocco, amongst different improvements. Its beneficiaries have praised the programme for its skill to establish enterprise and neighborhood wants because it unlocks innovation alternatives.
CEO of the Local weather Funding Funds, Mafalda Duarte stated:
Emissions from hard-to-abate industries are concentrated in creating international locations and set to rise.
With help from the UK and Sweden, the first-of-its-kind CIF Business Decarbonisation program will help creating international locations, handle transition dangers, and seize rising financial alternatives.
This funding platform will carry to bear concessional finance, technical help, and partnerships to ignite transformation throughout industries like metal, cement, and aluminium.
