The UK government will end direct support for the fossil fuels energy sector overseas as it works to support the sector’s transition to low-carbon energy in a push to curb the effects of climate change. However, the decision has faced criticism from the African oil and gas sector.
The UK Prime Minister Boris Johnson announced this decision as he opened the Climate Ambition Summit on Saturday, 12 December 2020 co-hosted by the United Nations, the UK, and France.
The summit brought together 75 world leaders as well as businesses and civil society to make strong new commitments to tackle climate change ahead of COP26.
The summit was open to leaders ready to showcase ambitious new commitments, including Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions, strategies to reach Net Zero, climate finance pledges and innovative plans to adapt and build resilience to climate change.
The policy will see the UK end export finance, aid funding and trade promotion for new crude oil, natural gas or thermal coal projects, with very limited exceptions.
The decision is a significant change when compared to the last four years when the government supported £21 billion ($27.6B) of UK oil and gas exports through trade promotion and export finance.
The government said that the policy will be implemented after a short period of consultation and is intended to come into force as soon as possible and before COP26 next November in Glasgow.
The announcement will expedite the shift to supporting green technology and renewable energy, creating jobs across the UK and driving international growth in the industry.
The government also said it will work with the UK’s oil and gas sector to support the move to low carbon energy sources through the North Sea Transition Deal, ensuring areas like Teesside and Aberdeen can become global hubs for wind energy, carbon capture and other clean technologies of the future.
Prime Minister Boris Johnson said ahead of the Summit: “Climate change is one of the great global challenges of our age, and it is already costing lives and livelihoods the world over. Our actions as leaders must be driven not by timidity or caution, but by ambition on a truly grand scale.
“That is why the UK recently led the way with a bold new commitment to reduce emissions by at least 68 per cent by 2030, and why I’m pleased to say today that the UK will end taxpayer support for fossil fuel projects overseas as soon as possible”.
Earlier this month, the Prime Minister announced a new NDC, committing the UK to reduce greenhouse gas emissions by at least 68 per cent by the end of the decade compared to 1990 levels.
The ambitious target is supported by the Ten Point Plan for a green industrial revolution, which will create and support up to 250,000 British jobs by 2030 and make significant strides in cutting emissions across energy, transport and buildings.
The UK government will end direct support for the fossil fuels energy sector overseas as it works to support the sector’s transition to low-carbon energy in a push to curb the effects of climate change. However, the decision has faced criticism from the African oil and gas sector.
The UK Prime Minister Boris Johnson announced this decision as he opened the Climate Ambition Summit on Saturday, 12 December 2020 co-hosted by the United Nations, the UK, and France.
The summit brought together 75 world leaders as well as businesses and civil society to make strong new commitments to tackle climate change ahead of COP26.
The summit was open to leaders ready to showcase ambitious new commitments, including Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions, strategies to reach Net Zero, climate finance pledges and innovative plans to adapt and build resilience to climate change.
The policy will see the UK end export finance, aid funding and trade promotion for new crude oil, natural gas or thermal coal projects, with very limited exceptions.
The decision is a significant change when compared to the last four years when the government supported £21 billion ($27.6B) of UK oil and gas exports through trade promotion and export finance.
The government said that the policy will be implemented after a short period of consultation and is intended to come into force as soon as possible and before COP26 next November in Glasgow.
The announcement will expedite the shift to supporting green technology and renewable energy, creating jobs across the UK and driving international growth in the industry.
The government also said it will work with the UK’s oil and gas sector to support the move to low carbon energy sources through the North Sea Transition Deal, ensuring areas like Teesside and Aberdeen can become global hubs for wind energy, carbon capture and other clean technologies of the future.
Prime Minister Boris Johnson said ahead of the Summit: “Climate change is one of the great global challenges of our age, and it is already costing lives and livelihoods the world over. Our actions as leaders must be driven not by timidity or caution, but by ambition on a truly grand scale.
“That is why the UK recently led the way with a bold new commitment to reduce emissions by at least 68 per cent by 2030, and why I’m pleased to say today that the UK will end taxpayer support for fossil fuel projects overseas as soon as possible”.
Earlier this month, the Prime Minister announced a new NDC, committing the UK to reduce greenhouse gas emissions by at least 68 per cent by the end of the decade compared to 1990 levels.
The ambitious target is supported by the Ten Point Plan for a green industrial revolution, which will create and support up to 250,000 British jobs by 2030 and make significant strides in cutting emissions across energy, transport and buildings.
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