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COP28 concluded final week with an essential settlement to transition away from fossil fuels and to triple international renewable power capability. When the summit started, some wrote off its prospects of success and had been sceptical concerning the UK’s function on the world stage. However, as soon as once more, we proved them unsuitable; regardless of an settlement trying unlikely at factors, British negotiators performed a distinguished function in bringing over 200 international locations collectively to agree a constructive closing textual content.
Britain got here to this COP with an extended and proud historical past of management on local weather coverage and motion. After I was enterprise and power secretary, we turned the primary main nation to enshrine internet zero in regulation. After we got here into authorities a 3rd of our energy provide got here from coal, however now a lot of the electrical energy powering Britain now comes from low-carbon sources like offshore wind. We led the Glasgow Local weather Pact at COP26. We now have proven the world what it seems to be like for a complicated economic system considerably to chop emissions, and most of it has been carried out beneath Conservative authorities.
The place we’ve led, others have adopted. However they’re now catching up. Within the US, the Inflation Discount Act has stimulated practically $90 billion of funding and 170,000 jobs. In China, clear power innovation and funding has outstripped expectations and signifies that its emissions are predicted to peak within the subsequent yr after which fall relentlessly. It’s notable that the 2 greatest economies on this planet have chosen to make reducing emissions a part of specific methods for financial development.
This prosperity theme was echoed throughout the COP summit. As I noticed it, essentially the most persistent theme from international locations of all sizes and levels of improvement was the necessity to hyperlink motion on local weather with enhancements not impairments to home requirements of residing. Local weather insurance policies which might be unaffordable for shoppers or which price extra jobs than they create had been deemed by many to be unacceptable. More and more, international locations are requiring local weather motion to deal with the necessity for elevated financial development and the safety of power provides.
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These imperatives have – rightly – been underpinning drivers of UK local weather coverage. Probably the most gratifying developments lately has been to see the revival of producing and the technical companies business in locations like Teesside and across the Humber as funding has poured in and good jobs have been created serving an offshore wind business that now leads the world. As different international locations now look to comply with us, we will capitalise on this lead by exporting renewable applied sciences and knowhow to different international locations. In Japan the week earlier than COP, I spoke to quite a few buyers who wished to work with Britain’s renewable sector to emulate our success.
It was additionally clear in Dubai that a lot of the world’s funding wanted to scale back emissions and to adapt to the results of local weather change will come from personal sector, somewhat than public funds. The UK is exceptionally well-placed to proceed to be a number one participant within the banks, funds and establishments that can organize local weather finance for these investments over the approaching many years.
The UK will solely ever account for a small portion of the world’s greenhouse fuel emissions, however our affect on international local weather coverage and apply goes properly past that. Our diplomatic prowess provides us the talents to form offers. The Metropolis of London signifies that we’ve an outsized affect on funding far past our personal coasts. And, as Chair of the Home of Commons Science and Expertise Committee, I see each week how our universities and technologists are contributing to developments that can make it simpler and extra economically helpful to achieve internet zero and improve power safety: from battery storage that may flip renewable power into agency energy, to small modular nuclear reactors that may present dependable zero carbon electrical energy.
The local weather deal in Dubai is completed and it’ll preserve progress in direction of decreasing the world’s emissions transferring ahead. Prosperity and safety, in addition to environmental stewardship, are the massive aims for governments all over the world. Our expertise and experience, mixed with our superior place in science and innovation, performs into an increasing international market. The COP settlement underlines a giant financial alternative for Britain within the years forward.
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