The prime minister is urging businesses to invest in global climate change efforts as he travels to the COP summit in Baku, Azerbaijan. On his journey to the Caspian coast, Sir Keir engaged with journalists accompanying him. When questioned about the UK’s financial struggles and its commitment to aiding developing countries with climate change, Sir Keir assured that his government would fulfill the financial pledges made at a previous COP summit under the Conservative government.
The ongoing COP29 meeting aims to discuss a future climate finance sum leading up to 2035, focusing on reducing emissions and achieving other targets. While the UK is not making commitments in relation to that at the moment, Sir Keir emphasized the importance of the private sector contributing their fair share to these commitments. A new “capital market mechanism” is set to be launched on the London Stock Exchange to raise £75bn for green investment over the next decade.
Sir Keir views the climate challenge as a significant opportunity for the UK, noting that clean power by 2030 is a key mission. The government aims to capitalize on the growing green investment trend as part of their economic growth strategy. They believe the UK can become a green financial hub, attracting investment, creating jobs, and driving growth. Reports indicate that the green economy experienced a 9% growth last year, contrasting with other sectors that stagnated. Business leaders are advocating for a pro-green industrial strategy to further boost growth.
The new government has begun approving more projects such as onshore wind farms and solar farms to promote growth. However, the success of Sir Keir and Chancellor Rachel Reeves’ plans hinges on the economy expanding at the desired rate. The government’s focus on clean energy and green investment underscores their commitment to combating climate change while seizing economic opportunities on the global stage.
