Leading UK and US figures in finance and philanthropy have demonstrated action in a crucial move to tackle climate change in developing countries.
The leaders have united today for a Climate Finance Mobilisation Forum, which is set to tackle climate change and increase support for emerging and developing countries to accelerate a net zero, resilient transition.
Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry will host major financial players and philanthropists for the special event, convened as part of President Biden’s visit to the UK.
Organisations are encouraged to bring examples of recent and new activities representing significant investments to drive climate action and harness the environmental, economic, security, and social benefits it brings.
This builds momentum on implementation efforts that contribute to achieving the goals of the Paris Agreement.
Clean energy investment in developing countries must increase
It is estimated that by 2030, annual clean energy investment in these countries needs to expand by more than seven times – to above $1tr – to tackle climate change.
This figure is just for clean energy alone. Additional investments are needed to reduce non-CO2 emissions, halt deforestation and reverse forest loss, and adapt and build resilience to climate change.
Grant Shapps, the UK Energy Security Secretary, explained: “Finance is the lifeblood of growing economies. Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its £11.6bn of International Climate Finance to support countries around the world.
“However, if we want to truly tackle climate change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending.”
How can a partnership with these nations help tackle climate change?
Currently, emerging markets and developing countries account for a staggering two-thirds of global greenhouse gas emissions, and many are extremely vulnerable to climate hazards.
These economies must help tackle climate change, halt nature’s decline, and work with the UK and the US to generate shared prosperity from the global transition.
The UK and US can capture a huge economic opportunity by supporting the global transition while building closer relationships with high-growth emerging markets and developing economies as they seek to meet their financing needs.
Following Russia’s attack on Ukraine, governments are redoubling efforts not only to meet the 1.5°C target, but boost cleaner, more secure, and cheaper energy that moves away from costly fossil fuels.
“The climate crisis is here. It’s caused by the unabated burning of fossil fuels, and it’s going to get worse without action,” stated John Kerry.
“No government can solve this crisis by itself. We need to work together with the private sector and philanthropy to speed up the net zero, resilient transition and tackle climate change.”
He concluded: “One important outcome of today’s event will be the ideas and potential collaborations and the tangible action and ways private finance and philanthropies can collaborate to accelerate action on the road to COP28.”
