The world’s ten largest economies have today signed up to a commitment to work with businesses to encourage tens of billions of pounds of investment into emerging green technology.
The deal, signed at Cop26 by the 40 countries that make up 70 per cent of the globe’s economic activity, will see “countries and businesses … dramatically scale and speed up the development and deployment of clean technologies and drive down costs this decade”, according to Number 10.
It comes after the UK and Microsoft founder Bill Gates last month pledged £200m each on research and development of green technologies like green hydrogen, direct air capture and sustainable aviation fuel that are currently not viable for mass use.
Countries that have signed up to the “Breakthrough Agenda” deal include the US, China, Japan, the UK, Germany, India, France, Australia, Canada, Italy, South Korea and Egypt.
“By making clean technology the most affordable, accessible and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world,” Boris Johnson said.
“The Glasgow Breakthroughs will turbocharge this forward, so that by 2030 clean technologies can be enjoyed everywhere, not only reducing emissions but also creating more jobs and greater prosperity.”
It comes alongside announcements today worth more than £10bn that will contribute to the Breakthrough Agenda.
This includes the launch of the Global Energy Alliance for People & Planet, which has $10bn (£7.34bn) of funding from philanthropies and development banks to “energy access and the clean energy transition in the Global South”.
More to follow