COP update: 2030 breakthroughs, Alok Sharma speech and clean tech funding

15 Nov 2022 12:01 PM

With COP 27 upon us we share regular insights as to what was announced and items of interest for businesses.

COP 27 is now entering what we probably call ‘crunch’ in the tech sector, in that time is running out and lots of people need to pull together to get a good product out (in this case a final text that makes meaningful progress on promises already made and reaffirms 1.5 degrees).We’ll be doing a wrap up event (hopefully with the CBI) and any members wishing to submit a blog for us on their COP 27 takes are encouraged to share them.  Away from the negotiations there have been a few updates relevant for members which are:

UK government funding for clean tech

BEIS Secretary Grant Shapps  announced £65m investment to speed up the development of new green technologies globally, saying that entrepreneurs, innovators and the international community that will help cut global emissions in the coming decade and achieve net zero. Specific funding will go towards:

• A UK-built coalition of governments (representing more than half of global GDP) to speed up the development of alternatives to fossil fuels for carbon-intensive sectors.
• £65 million towards the world’s first large scale Industry Transition Programme, by the Climate Investment Funds, to support energy-intensive industries in developing economies including India and Indonesia to go green.
• UK government’s support for a new funding window for projects developing innovative and transformational clean technologies. Opening in 2023, this funding from the Mitigation Action Facility will go to key priority sectors – energy, transport and industry – identified in the Breakthrough Agenda at COP27. This will support developing countries to achieve their goals for tackling climate change and reducing emissions.

EU announce EIF funding

The EU has announced €2.5 billion investment with five venture capital, private equity and infrastructure funders via the European Investment fund. The EIF will put in €250m to unlock €2.5 billion. This will go towards projects backed by InvestEU (the long term investment agency) and there announcement can be read here.

2030 Breakthrough Agenda launch new initiatives

The 47 countries that signed the 2030 breakthrough agenda at COP 26 published a series of initiatives, agreed bilaterally, or as coalitions from within the 47 country membership. You can see full info here and major UK initiatives are:

• The UK and Morocco have agreed to co-lead the Power Breakthrough: Clean power is the most affordable and reliable option for all countries to meet their power needs efficiently by 2030.
• The UK, US and EU have agreed to co-lead the Hydrogen Breakthrough: Affordable renewable and low carbon hydrogen is globally available by 2030.
• The US, India and UK have agreed to co-leads the Road Transport Breakthrough: Zero emission vehicles are the new normal and accessible, affordable, and sustainable in all regions by 2030. 
• Egypt and UK agreed to co-lead the Agriculture Breakthrough: Sustainable, decarbonised agriculture with investment in agriculture research, development and demonstration addressing challenges of food security, climate change and environmental degradation.  

Speech from Alok Sharma MP, COP 26 President

• Alok Sharma gave a speech to the High-Level Ministerial round table on pre-2030 ambition and key points were:
• He reiterated the importance of the 1.5 degree target, and that 2 degrees, while more comfortable for some, will cause lasting damage. He further added the G20 summit should reaffirm this commitment.
• The private sector has already recognised the importance of 15 degrees with 200 international businesses co-singing a letter in defence of 1.5
• Financials need more work, citing the need for Multilateral development bank reform, and extra money for on the Just Energy Transition Partnership. On finance he didn’t support the call for reparations but said progress needed to be made on mitigation, and loss and damage.
• He explained there were 4 urgent mitigation outcomes that needed to be agreed:
  • The 33 countries who haven’t set NDCs must do so
  • Clear commitment to science
  • Phase out coal and fossil fuel subsidies at a faster pace
  • The legal issues to enable the Mitigation Work Programme need to be agree

Click here for the full press release