During a speech at the COP27 negotiations in Egypt today, Business Secretary Grant Shapps has said that the UK is leading a global agreement to ensure that green technologies are cheaper and more accessible around the globe.
This statement comes with the announcement of £65 million worth of investment to help accelerate development of new green technologies, which builds on the legacy of COP26 which saw the UK found a coalition of nations that aim to scale and speed up the development and deployment of clean technology.
Grant Shapps, Business Secretary, said:
“Green means growth, and with our existing talents in clean technologies, UK businesses could be world leaders in an industry that will only expand, creating jobs for generations to come while also protecting our precious planet.
“At COP27 we are leading international efforts to ensure these new innovations can be more accessible and affordable to heavy, energy-intensive industries in some off the world’s poorest countries.
“These agreements are a key part off us achieving our net zero targets and our global efforts to cut emissions – but I am also proud that they will mean more countries will benefit from the knowledge and expertise we have nurtured here on UK shores.”
Today, it was announced that:
- The UK has built a coalition of governments, representing more than half of global GDP, to take progressive action. This will accelerate the developments of alternatives to fossil fuels for sectors that are carbon-intensive, with the aim of ensuring that the cheapest and most attractive options available to businesses in developing economies are being used by 2030.
- The UK will be pledging £65 million to develop the world’s first large scale Industry Transition Programme, by the Climate Investment Funds. This will support industries that are energy-intensive in developing economies to go green.
- The UK and Germany will support a new funding window for projects that are developing innovative clean technologies. Opening in 2023, the funding from the Mitigation Action Facility will be given to sectors that are of high priority, such as energy, transport and industry, that were identified through the Breakthrough Agenda at COP27. The aim of this is too provide support to developing countries as they work to achieve their goals for climate change and carbon emission reduction.
These developments come alongside the announcement from the Prime Minister that a further £65.5 million will be invested in the Clean Energy Innovation Facility. This will provide grants to scientists and researchers that are working to speed up the development of clean energy technologies in developing countries.
This fund is led by the UK and was launched in 2019, supporting 76 projects so far including the creation of biomass-powered refrigeration in India, prototype lithium-ion batteries in Nigeria and clean hydrogen-based field for steel production in Morocco.