Cop: UK sets ambitious 2035 climate target

Spanish Market: Crude oil, Electricity, Emissions, Hydrogen, Natural gas
12/11/24

The UK government has set a target to cut all greenhouse gas (GHG) emissions by at least 81pc by 2035, from a 1990 baseline, the country's prime minister Keir Starmer said today at the UN Cop 29 climate summit in Baku, Azerbaijan.

The target, which will form the basis of the UK's next national climate plan, is in line with recent recommendations from the independent advisory Climate Change Committee. Energy minister Ed Miliband sought the committee's guidance shortly after the Labour government was elected in July.

Starmer urged all countries to come forward with new national climate plans — known as nationally determined contributions (NDCs) — at Cop 29.

Details of the UK's new NDC are not yet clear, but Starmer said his government is "fully committed" to its pledge of zero-emissions power by 2030. He also repeated his promise for a "government that trod lightly on people's lives".

"The UK is stepping up as a climate frontrunner at a time when such leadership is critically needed, co-founder of think-tank E3G Nick Mabey said. "We hope to see detailed implementation plans — ideally with sectoral commitments and a supporting investment roadmap — to lend credibility to its submission."

The energy transition "is a huge opportunity", Starmer said, pointing to global appetite for renewables investment. And he noted the "advantage of being a first mover". The country's Labour government, elected in July, has diverged substantially from the previous administration on climate issues.

The UK government today announced a "clean industry bonus" — a provisional £27mn ($34.6mn) per GW of offshore wind, to incentivise offshore wind developers to invest in industrial areas, many of which are rooted in the oil and gas industry. This will boost "green jobs" and support sustainable industry, the government said.

By Georgia Gratton

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03/12/24

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German stakeholders doubt power plant strategy passing

03/12/24

German stakeholders doubt power plant strategy passing

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French government faces no confidence vote

02/12/24

French government faces no confidence vote

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Mexico central bank flags 2025 growth uncertainty

02/12/24

Mexico central bank flags 2025 growth uncertainty

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Denmark pledges DKr150mn to Brazil's Amazon fund

29/11/24

Denmark pledges DKr150mn to Brazil's Amazon fund

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