By William Hallowell, CP News Reporter.
Boris Johnson has launched an initiative aimed at helping developing countries take advantage of green technology, allowing for them to be able to grow their economies “sustainably.”
The initiative means a doubling of UK aid-funded green investments to more than £3b over five years and new opportunities to support clean infrastructure projects.
Prime Minister said:
“I want to see the UK’s Green Industrial Revolution go global. The pace of change on clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet.
“The climate has often been a silent victim of economic growth and progress – but the opposite should now be true. Through the Clean Green Initiative, we can help to build back better and greener from the pandemic and put the world on the path to a more sustainable future.”
Mr Johnson will “emphasise the importance of providing climate finance for the developing world, the democratisation of green tech and other solutions to the climate crisis at the Action and Solidarity Roundtable”, which he chairs.
Included in the £3b pledged for the new initiative, £200m will be given for a new ‘Climate Innovation Facility’, which will “scale-up technologies to help communities deal with the impacts of climate change.”
The Private Infrastructure Development Group is also set to give £210m in new investments for green projects in developing countries, including electric vehicle manufacturing and green bonds in various South East Asian countries – these projects are expected to generate over £450m for additional private sector finance.
Foreign Secretary, Liz Truss said:
“Developing countries need the right form of investment to help drive clean growth, whilst dealing with the impacts of climate change.
“The opportunities are clear and this new initiative will enable us to seize them, working closely with our allies to deliver honest and responsible investment and cleaner and more reliable infrastructure in the developing world.”
Provisions for the African Development Bank and World Bank (to help India) are set to “unlock” £1.45b and £750m respectively.
The Clean Green Initiative forms part of the UK Government’s campaign to “build back better”, and is intended to be a “long-term approach” for developing nations bridge infrastructure gaps whilst “supporting climate change and sustainable development goals.”
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