[ad_1]
The UK has pledged to help fund emission reduction efforts of developing countries, with GBP 160 million ($195.8 million) set aside for speeding up development and deployment of green technologies.
The Department for Energy Security and Net Zero said in a media release that the funding will be directed towards reducing emissions and driving down costs.
The new funding was announced by Energy Minister Graham Stuart at the UN Climate Ambitions Summit in New York, the Department highlighted. Elsewhere, the Energy Security Secretary Claire Coutinho attended the Climate Mobilization Forum, meeting leading businesses and philanthropists looking to invest in developing technologies while stressing the need for international cooperation to reduce global emissions, the Department pointed out.
The funding package will support energy-intensive industries in developing and emerging economies to cut their emissions, with backing for measures ranging from deploying clean hydrogen-based fuels for steel production to the creation of biomass-powered refrigeration, the Department said.
“I am proud that the UK is a key ally of developing countries and is supporting them to reduce emissions and develop clean energy,” said Secretary of State for Energy Security and Net Zero Claire Coutinho.
“We in the UK only account for one percent of global emissions, so we must work together with other countries around the world if we are to achieve our ambition of Net Zero,” Coutinho added.
“The UK has cut its emissions by more than any other major economy since 1990 and, following COP26, will continue to spearhead international efforts to limit global warming and reach net zero,” Energy Minister Graham Stuart said.
“It is essential that developing countries are able to future-proof their industries too – and we will stand with them every step of the way in their industrial transformation,” he added.
The funding is part of the UK’s international efforts to help developing countries tackle climate change, including by pledging to spend GBP 11.6 billion ($14.2 billion) on international climate finance between 2021/2022 and 2025/2026.
It follows the Prime Minister’s pledge of GBP 1.62 billion ($1.98 billion) towards the Global Climate Fund, at the G20 in India. That commitment is the UK’s biggest single financial contribution to helping the world’s most vulnerable people adapt to and mitigate the impact of climate change, according to the Department for Energy Security and Net Zero.
The funding will be spread across four global programs, namely the Mitigation Action Facility – working with the German Government, the Clean Energy Innovation Facility, the Nationally Determined Contribution (NDC) Partnership, and the Global Innovation Lab for Climate Finance.
Additionally, the UK also confirmed support for a new ‘Cement Breakthrough’, joining Canada. The Breakthrough aim to ensure near-zero emission cement is the preferred choice in global markets by 2030, the Department noted.
Launched by world leaders at the COP26 talks in Glasgow, the Breakthrough Agenda is a UK-led international climate framework, to align global action and coordinate investment for deploying clean technologies in sectors including power, road transport, steel, hydrogen, and agriculture, the Department outlined.
To contact the author, email andreson.n.paul@gmail.com
[ad_2]
Source link