The minister said the goal is for the UK to become “the world’s first net-zero aligned financial center.” In this sense, net carbon emissions should be reduced to zero by 2050.
Net zero is when a company or country achieves a general balance between the amount of carbon it emits and the carbon it takes out of the atmosphere.
He also hopes to “reconfigure the entire financial system” to use it to protect the climate. In fact, more of 40 world leaders endorse a plan to finance clean technologies around the world by 2030.
According to the UK Treasury chief, new financing projects based on international engagement will help developing countries finance green growth and adapt to the changing climate.
“These commitments will help create a large amount of cash that could finance the transition to reducing emissions, including the removal of coal, the switch to electric cars and reforestation.” , said.
Along these lines, he urged rich nations to increase their support for climate projects in the developing world, ratifying that the promise they made to give US $ 100 billion annually in 2020 to poor countries to deal with climate change It will be fulfilled on the new date set last week, 2023.
The UK has also worked as chair of the G7, and in partnership with other G20 countries, to ensure that all economic and financial decisions take into account the risks of climate change.
In turn, it has convened more than 30 advanced and developing countries from 6 continents and representing more than 70% of world GDP to support the creation of new global climate reporting standards by the IFRS Foundation to provide investors the information they need to fund net zero.
The UK will further seek to address the funding barriers facing developing countries with a series of new green initiatives funded under its International Climate Finance (ICF) Commitment, including £ 100 million.
In total, it will spend £ 576 million on a package of initiatives to mobilize financing in emerging markets and developing economies.
And in further progress toward the goal of US $ 100 billion a year in aid to the poorest countries, it will announce the launch of a new and innovative financing mechanism.
The COP26, which began last Sunday and will last 12 days, aims to resolve the issues that remained pending since the 2015 Paris Agreement, when more than 190 countries agreed to prevent global warming from exceeding 1.5 ° C this century. compared to pre-industrial levels.
Source From: Ambito
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