Britain has launched a developing nation-focused renewable energy investment scheme designed to lead-off its wider Clean Green Initiative (CGI), a £3bn ($4.1bn) programme aimed at scaling-up global public and private investment in “quality, sustainable infrastructure”.
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Announcement of the package – a Russian doll of different funding frameworks – comes as the UK Prime Minister Boris Johnson is set to chair the Action and Solidary Roundtable, a 24-nation forum convening delegates from countries “most vulnerable” to climate change with those from ones accountable for the majority of emissions.
“I want to see the UK’s green industrial revolution go global. The pace of change on clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet,” said Johnson, speaking at COP26 in Glasgow, Scotland.
“The climate has often been a silent victim of economic growth and progress – but the opposite should now be true. Through the CGI, we can help to build back better and greener from the pandemic and put the world on the path to a more sustainable future.”
To support the CGI, the UK government said in a statement it would deliver over £3bn “in climate financing for green growth” in developing countries over the next five years.
“This is double the amount the UK’s development finance institution, the CDC, invested in climate projects in its previous strategy period from 2017-2021.”
Britain also plans to use the UK aid-backed Private Infrastructure Development Group to commit more than £210m in new investment to back “transformational green projects” in developing countries – including electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad – that is forecast to mobilise more than £470m in private sector finance.
The UK also unveiled a package of guarantees to multilateral development banks expected to be a boost to investments in climate-related projects in India and Africa.
Foreign secretary Liz Truss said: “Developing countries need the right form of investment to help drive clean growth, whilst dealing with the impacts of climate change.
“The opportunities are clear and this new initiative will enable us to seize them, working closely with our allies to deliver honest and responsible investment and cleaner and more reliable infrastructure in the developing world.”
The CGI is woven into the UK’s contribution to the G7 Build Back Better World initiative announced at the Carbis Bay Summit in June.