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.
Nairametrics 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:
- “The UK is helping other nations act swiftly to switch to renewable energy and slash emissions on the pathway to net zero, all while creating thousands of new green jobs.
What the commitment covers
As part of the broader £1.6 billion commitment, the package includes:
- Up to £80 million through the UK Partnering for Accelerated Climate Transitions (PACT), a flagship program fostering collaboration with governments in Africa, Asia, and Latin America. This initiative aims to establish clean growth goals, initiate renewable energy projects, implement greener transport solutions, and encourage more sustainable land use.
- £40 million allocated via the Transforming Energy Access (TEA) platform, dedicated to showcasing energy access technologies in low-income countries. It will also fund research and development for climate-friendly refrigeration and appliances designed to operate directly from renewable sources.
- £15 million provided through the Modern Energy Cooking Services (MECS) program, facilitating the transition from traditional firewood and charcoal cooking to cleaner electrical cooking appliances.
- An additional £4 million was earmarked to support universal access to affordable and reliable clean energy in Africa, ensuring electricity access for thousands of individuals.
These initiatives complement ongoing endeavours to assist developing nations in emission reduction and greening their electricity grids.
Strategic partnerships to combat climate change
The Minister announced strategic partnerships with other countries on various fronts to bolster global initiatives combating climate change:
- The UK, Germany, Canada, and the US jointly committed to the Green Public Procurement Pledge, signalling a multi-billion-dollar global demand for accelerating low-carbon steel, cement, and concrete production.
- Australia and Norway joined the UK-led Clean Energy Transition Partnership, expanding the membership to over 40 countries and public finance institutions. Both nations pledged to redirect international public support from unabated fossil fuels toward clean energy solutions.
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.
