The UK has announced a £140 million funding to support developing countries deliver net zero while growing their economies and creating green jobs. The funding is part of the UK’s international climate finance commitment of £11.6 billion over five years, which was announced at the start of COP28.
The funding will be delivered through the UK Partnering for Accelerated Climate Transitions (PACT), a flagship UK partnership programme to support governments across Africa, Asia, and Latin America to set clean growth goals. The funding will help reduce emissions by starting renewable energy projects, greener transport and more sustainable use of land in developing countries.
The funding could provide clean energy for 8.7 million people, create 25,000 jobs in clean energy industries and cut CO2 emissions by at least 800,000 tonnes. The funding builds on the UK’s domestic progress on energy transition, as the UK has set one of the most ambitious 2035 climate change targets of any major economy and reduced its greenhouse gas emissions by nearly 50% since 1990.
The funding also reflects the UK’s recognition that at least a third of the emissions reductions needed to meet net zero globally by 2050 will require technologies that are not yet on the market. The UK is therefore working with partners around the world to accelerate the global green transition, making clean technologies affordable, accessible and reliable for all.
The example of the UK’s support for the development of low-carbon steel, cement and concrete production, which are essential for infrastructure and development but also account for a large share of global emissions. The article mentions that the UK has launched a new Global Clean Steel Partnership with India, Sweden, Germany and the World Bank to accelerate the deployment of low-carbon steel technologies and practices. The article also mentions that the UK has joined the Global Cement and Concrete Association’s (GCCA) Climate Ambition 2050, which aims to deliver carbon-neutral concrete by 2050.
The article quotes Energy Security and Net Zero Minister Graham Stuart, who said that the UK is helping other nations to act swiftly to switch to renewable energy and slash emissions on the pathway to net zero, all while creating thousands of new green jobs.
Also quotes GCCA President and CEO Dinah McLeod, who said that the UK’s leadership and support for the cement and concrete sector’s climate ambition is welcome and will help accelerate the transition to a net zero built environment. The article also quotes World Steel Association Director General Edwin Basson, who said that the UK’s support for the Global Clean Steel Partnership is a positive step towards achieving net zero steelmaking and creating a more sustainable future.
The article concludes by saying that the UK’s funding and partnerships are part of its efforts to lead the world in supporting developing countries to unlock innovation and clean tech in this critical decade for our climate.
