Figures show action is crucial to tackling climate change in developing countries. In efforts to address this, both the UK Energy Security Secretary and the US Special Presidential Envoy for Climate have combined forces at the Climate Finance Mobilisation Forum in Windsor.
On Monday, July 10, 2023, top financiers and philanthropists, including King Charles III and President Joe Biden, came together at Windsor for a Climate Finance Mobilisation Forum to recognise and encourage efforts that increase support for emerging and developing economies to accelerate a net zero, resilient transition.
Organisations were encouraged to bring examples of recent and new activities that represent significant investments to drive climate action and harness the environmental, economic, security, and social benefits it brings – helping build momentum on implementation efforts that contribute to achieving the goals of the Paris Agreement.
Findings estimate that by 2030 annual clean energy investment in these countries needs to expand by more than seven times, to above $1 trillion, in order to put the world on track to reach net-zero emissions by 2050. And that is for clean energy alone; additional investments are needed to reduce non-CO2 emissions, halt deforestation and reverse forest loss, and adapt and build resilience to climate change.
Energy Security Secretary, Grant Shapps, said: “Finance is the lifeblood of growing economies. Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its £11.6 billion of International Climate Finance to support countries around the world – but if we want to deliver real change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending.”
US Special Presidential Envoy for Climate, John Kerry, said: “The climate crisis is here. It’s caused by the unabated burning of fossil fuels, and it’s going to get worse without action. No government can solve this crisis by itself. We need to work together with the private sector and philanthropy to speed up the net zero, resilient transition.
“The UK and US can capture a huge economic opportunity by supporting the global transition, whilst building closer relationships with high growth emerging markets and developing economies as they seek to meet their own financing needs.”
