UK to lead global green tech deployment agreement

Speaking at the COP27 negotiations in Egypt, UK Business Secretary Grant Shapps announced that the UK will invest over £65m to speed up the development of new green technologies.

The investment builds on the legacy of COP26 in Glasgow, where the UK founded the Breakthrough Agenda – a coalition formed to scale and speed up development and deployment of clean technologies.

According to BEIS, the measures will help expand a ‘whole global market’ in clean energy technologies, making them more accessible to developing countries while helping to meet Net Zero targets.

The pledge will go towards the world’s first large scale Industry Transition Programme, by the Climate Investment Funds, to support energy intensive industries in developing economies including India and Indonesia to go green.

Commenting on the announcement, Shapps said, “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.”

Also included in the announcement was the news that a new funding window for innovative clean technology projects would be supported by the UK Government alongside Germany. Set to open in 2023, the funding from the Mitigation Action Facility will go to ‘key priority’ sectors such as energy, transport and industry.

The funding builds upon the Prime Minister’s announcement of a further £65.5m for the Clean Energy Innovation Facility, which provides grants to academics to speed up clean technology development in developing countries.

Since the UK-led fund was launched in 2019 it has so far supported 76 projects, including the creation of bio-mass powered refrigeration in India and clean hydrogen-based fuels for steel production in Morocco.

According to the Center for Global Development, developing countries are responsible for 63% of current carbon emissions.

“Emissions from hard-to-abate industries are concentrated in developing countries and set to rise,” said Mafalda Duarte, CEO of the Climate Investment Funds.

“With support from the UK and Sweden, the first-of-its-kind CIF Industry Decarbonisation programme will support developing countries, manage transition risks, and seize emerging economic opportunities.”

The investment platform is designed to support the decarbonisation of emission-intensive industries such as steel, cement and aluminium.

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