The UK government has announced pledges of over £65 million in investment to help accelerate the development of new green technologies.
The UK is leading a global agreement to make green technologies cheaper and more accessible around the world, while also creating green jobs for generations both at home and abroad, said the Secretary of State for Business, Energy and Industrial Strategy of the UK Grant Shapps.
Speaking at the COP27 negotiations in Egypt, Shapps announced the large investment to help speed up the development of new green technologies – backed by British business.
The move builds on COP26 in Glasgow, where the UK founded a coalition of countries focused on the development of clean technologies and drive down costs this decade, known as the Breakthrough Agenda.
Shapps said it will be the efforts of entrepreneurs, innovators and the international community that will help cut global emissions in the coming decade and achieve net zero by 2050.
The new measures will aim to expand a whole global market in clean energy technologies, making them accessible and affordable to developing countries – and enabling UK companies to share their talent and expertise in this vital and growing industry.
“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,” said the Secretary of State.
“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 of the world’s poorest countries.
“These agreements are a key part of 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.”
This follows the Prime Minister’s announcement of a further £65.5 million for the Clean Energy Innovation Facility, which provides grants to researchers and scientists to accelerate the development of innovative clean energy technologies in developing countries.
Since the UK-led fund was launched in 2019 it has so far supported 76 projects, including the creation of biomass-powered refrigeration in India, prototype lithium-ion batteries in Nigeria and clean hydrogen-based fuels for steel production in Morocco, among other innovations. Its beneficiaries have praised the programme for its ability to identify business and community needs as it unlocks innovation opportunities.
CEO of the Climate Investment Funds, Mafalda Duarte, said “Emissions from hard-to-abate industries are concentrated in developing countries and set to rise. With support from the United Kingdom and Sweden, the first-of-its-kind CIF Industry Decarbonisation program will support developing countries, manage transition risks, and seize emerging economic opportunities.
“This investment platform will bring to bear concessional finance, technical assistance, and partnerships to ignite transformation across industries like steel, cement, and aluminium.”
