UK launches global clean power alliance
The UK has announced the formation of an alliance designed to speed up the "clean transition" in developing countries, as well as a renewed focus on increased and reformed climate finance.
The alliance, which will be built using a "phased and inclusive approach", aims to accelerate the roll-out of renewables across the globe, UK foreign minister David Lammy said today, highlighting the importance of clean power in decarbonising key sectors such as transport.
The alliance is also looking to unlock much more global finance to "close the energy gap by allowing more countries to leap-frog fossil fuels to renewable power systems", Lammy said.
Other focus areas for the group will include boosting innovative clean energy deployment and diversifying critical mineral production and supply, Lammy said.
The recently elected Labour government has pledged to decarbonise the UK's own power supply by 2030.
Climate finance
Unlocking "much, much more" climate and nature finance is critical to Lammy's approach to the climate crisis, he said, and the UK will push for an "ambitious" new climate finance goal, known as the NCQG, at November's UN Cop 29 climate conference.
The NCQG is the next stage of the $100bn/yr target that developed countries agreed to deliver to developing countries over 2020-25. The UK is examining how the country can deliver its existing climate finance commitments "given the dire financial inheritance from the last government" ahead of its upcoming spending review, Lammy said.
Lammy also called for more innovation in development finance, particularly concerning multilateral development banks. The UK supports a capital increase for the International Bank for Reconstruction and Development subject to reforms, Lammy said, while a guarantee for the Asian Development Bank will be laid before the UK parliament next month, which the foreign minister said would "unlock $1.2bn" for developing countries in the region.
The UK will also appoint new special representatives for climate change and nature to support its diplomatic work in the areas, Lammy announced today.
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