UK launches ‘Clean Green Initiative’ at COP26
U.K. Prime Minister is announcing a major funding package at COP26 today (1 November 2021) to support the rollout of sustainable infrastructure and revolutionary green technology in developing countries, helping to tackle climate change and boost economic growth. The funding kickstarts the UK’s new Clean Green Initiative (CGI), which will help to scale up public and private investment in quality, sustainable infrastructure globally.
The Prime Minister 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 an Action and Solidarity Roundtable this afternoon at COP26, alongside the leaders of India, the United States and 24 other countries.
To support the Clean Green Initiative the UK will deliver over £3 billion in climate financing for green growth in developing countries over the next five years, including £200m for a new Climate Innovation Facility. This is double the amount the UK’s development finance institution, the CDC, invested in climate projects its previous strategy period from 2017-2021.
The Climate Innovation Facility will support the scale-up of technologies to help communities deal with the impacts of climate change, such as drought-resistant agriculture and sustainable forestry, in markets where private investors have been reluctant to take on the risk alone. It will be delivered by CDC in partnership with the private sector.
The Clean Green Initiative is a key part of the UK’s contribution to the G7 Build Back Better World initiative announced at the Carbis Bay Summit in June. It is intended to be a long-term approach to help developing countries bridge the infrastructure gap, while supporting climate change and sustainable development goals.
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