The UK will be leading support for countries on the front line of
the climate crisis to make their transition to clean energy, in a
new package of support unveiled by Energy Secretary at COP29.
To tackle climate change at home and abroad, countries that are
already suffering from its worst impacts need support to
accelerate their transition to clean power, cut emissions and
increase economic growth.
The funding will help climate vulnerable countries, including
African nations and small island states, to develop new
low-carbon technologies, with innovations in energy storage, zero
emission generators and clean transport. It will also support
innovations such as material and system efficiencies, which will
be instrumental in decarbonising steel, chemicals, cement and
concrete industries.
Delivering global action on climate change will help protect
families and businesses in the UK and abroad, while accelerating
global clean power to unlock the rewards of green economic
growth.
The funding comes after the UK announced an ambitious target to
reduce its emissions by 81 per cent by 2035 - showing leadership
in tackling climate change while harnessing a range of benefits
for the UK, including better jobs, cheaper bills and higher
growth.
Energy Secretary said:
Climate change does not respect borders, and the UK has seen a
year of record-breaking warmth. That's why we are determined to
lead from the front and drive global change, to protect future
generations at home and abroad.
This funding commitment from the UK is what we mean when we say
we are back in the business of climate leadership, supporting the
world's most vulnerable and unlocking the global growth benefits
of decarbonising economies.
Climate Minister said:
Developing countries are often on the front line of the climate
crisis, at higher risk of floods, heatwaves, and food insecurity,
despite doing very little to cause it.
This funding is part of a key priority for us at COP29. It will
support the flow of finance to these countries so they can adapt
to a changing climate, building resilience and accessing clean
energy for their own transition.
When the UK acts other countries follow, so we are leading by
example to tackle the biggest challenge we face.
Funding pledges announced at COP29 include:
- £45 million of funding for the World Bank's Energy Sector
Management Assistance Programme (ESMAP) to support developing and
emerging countries addressing energy challenges – making the UK
the largest donor to a well-established World Bank Trust
Fund.
- £15 million of funding for Innovate UK to support clean
energy innovation in developing countries.
- £14 million of funding for United Nations Industrial
Development Organisation (UNIDO) to support the development of
innovation projects in industrial decarbonisation and clean
hydrogen.
- £5 million to help developing countries tackle methane
emissions in their fossil fuel, supporting delivery of the Global
Methane Pledge launched at COP26.
The funding is part of the UK's existing £11.6 billion
International Climate Finance commitment between 2021/22 and
2025/26 which is allocated from the Official Development
Assistance (ODA) budget – delivering on a global commitment of
0.5 per cent of Gross National Income for developing countries.
At COP29 the UK has also set the direction of voluntary carbon
markets, so they can channel more finance to developing
countries. A new set of UK Integrity Principles will raise
integrity in the generation, trade and use of carbon and nature
credits, so that voluntary markets work better for people, nature
and the planet.
Notes to editors
The funding announcement comes as the government has started the
most significant investment programme in homegrown British energy
through its clean power by 2030 mission – unlocking thousands of
jobs and driving investment into UK communities. So far, the
government has:
- lifted the ban on onshore wind in England
- delivered a record number of clean energy projects through
its renewables auction, securing enough clean power to
supply the equivalent of 11 million homes
- approved unprecedented amounts of nationally significant
solar – 2GW – more than the last 14 years
combined
- launched Great British Energy
- fired the starting gun on the UK's Carbon Capture and Storage
industry, with funding agreed for two clusters in Teesside and
Merseyside
A total of £29 million of funding for Innovate UK and the United
Nations Industrial Development Organisation (UNIDO) is an
allocation from the UK's £1bn Ayrton Fund which supports
clean energy innovation and industrial decarbonisation.
