Net Zero Minister, Graham Stuart has revealed plans for a £140 million initiative to assist developing countries in achieving net zero goals while fostering economic growth.
The details will be presented by Minister Graham Stuart during the COP28 negotiations in Dubai.
This commitment is enabling the UK to be at the forefront of supporting developing nations in unleashing innovation and clean technology during this pivotal decade for global climate action.
Also, it is to encourage other nations to follow the UK’s clean energy leadership. To achieve this objective, significant financial support will be extended to countries seeking to enhance their use of renewable energy sources.
TheWitness learns that the £140 million fund is expected to facilitate clean energy access for 8.7 million people, generate 25,000 jobs in clean energy industries, and reduce CO2 emissions by a minimum of 800,000 tonnes.
This initiative builds on the UK’s domestic achievements in energy transition, having set one of the most ambitious 2035 climate change targets among major economies.
The UK has notably achieved the fastest reduction in greenhouse gas emissions, down nearly 50% since 1990.
Recognizing the global nature of the climate challenge, the announced funding aims to assist developing countries in reducing their emissions, aligning with the broader goal of achieving net zero.
Minister for Energy Security and Net Zero, Graham Stuart, said:
As part of the broader £1.6 billion commitment, the package includes:
These initiatives complement ongoing endeavours to assist developing nations in emission reduction and greening their electricity grids.
The Minister announced strategic partnerships with other countries on various fronts to bolster global initiatives combating climate change:
In a significant move at the outset of the conference, the Prime Minister declared a £1.6 billion allocation for international climate finance (ICF) projects during COP28.
These projects are geared toward halting and reversing deforestation, safeguarding the natural environment, and hastening the global shift to clean and renewable energy.
This investment fulfils the UK’s commitment to spend £11.6 billion of ICF over five years, surpassing international pledges with additional funding.
