Tag: Energy Security and Net Zero Department

The press release issued by the Department for Energy Security and Net Zero on 16 October 2023.

Campaign launches to offer new energy saving tips for families, alongside £150 in Warm Home Discount support for the most vulnerable.

Families can access simple energy saving tips from today, as the government teams up with Amazon Alexa to relaunch a public information campaign that helped British households save an estimated £120 million last winter.

Through a free collaboration between the government and Amazon, anyone asking Alexa how to reduce their energy bill will now receive the latest government advice on preparing their home for winter and using less energy in the long-term – which could save at least £100 a year. This experience will be available via Amazon Echo devices and on mobiles via the free Alexa app.

Phrases which will prompt Alexa include “Alexa, give me some energy saving tips”, “Alexa, give me tips to conserve energy” and “Alexa, give me tips to get ready for winter”.

The collaboration is part of today’s relaunch of the government’s It All Adds Up campaign, which last year saw 80% of people in the UK saying they had taken at least one of the money-saving actions. Alongside Alexa, advice is available online via the Help for Households website and through a public information campaign including partnerships, billboards and radio adverts later in the autumn.

It comes as more than three million households will from today get told they qualify for the Warm Home Discount. The automatic one-off £150 payment will help eligible, low-income customers in England, Scotland and Wales pay their energy bills over the winter.

Secretary of State for Energy Security and Net Zero Claire Coutinho said:

Energy prices are down 55 per cent since their peak, but we know many families are still facing pressures. That is why we are continuing to provide financial support, including targeted help, such as the £150 Warm Home Discount, for those most in need.

There are also some small, simple things families can do to keep their bills down – from reducing the boiler flow temperature to turning off radiators in rooms not being used, it all adds up.

Our collaboration with Amazon’s Alexa will help to make these tips easier to access as we relaunch our energy saving tips campaign, which helped families across the UK save around £120 million last winter.

Minister for Energy Consumers and Affordability Amanda Solloway said:

We want everyone to be able to take easy steps this winter to save money on their energy bills. By following tips such as reducing boiler flow temperature, or washing clothes at a lower temperature, families could save at least £100 a year.

And our Warm Home Discount will mean that over three million households receive more targeted support to help with the cost of energy.

John Boumphrey, UK Country Manager at Amazon, said:

With new energy saving tips on Alexa, you can simply ask for helpful advice on how to make simple changes around the home to help reduce energy costs this winter.

There are 6 low-to-no cost actions that collectively could save a typical household as much as £100 off their energy bill, with more advice available online.

The 6 measures are:

• Reducing boiler flow temperature to 60 degrees, saving up to £60 per year
• Getting your boiler serviced to prevent costly and unexpected repairs
• Bleeding radiators to remove air pockets and improve their efficiency
• Turning down radiators in rooms not being used, saving up to £50 per year
• Washing clothes at 30 degrees, saving up to £20 per year
• Installing an energy efficient showerhead, saving up to £40 per year

The Warm Home Discount is automatically applied to bills between October 2023 and March 2024, or is available as a top-up voucher for those with a pre-payment meter.

This comes as the Department for Work and Pensions launches its Household Support Fund Awareness Week to encourage vulnerable people across England to contact their councils to find out what support is available in their area. 26 million awards from the Household Support Fund have been made since its launch in October 2021.

Wider government support to help families with costs has also been made available this financial year – including a £900 payment for those on means-tested benefits, £300 for pensioners and an extra £150 available for disabled people. Average energy prices have also fallen again this month – down by 55% since their peak.

Those who qualify for the Warm Home Discount in England and Wales will receive a letter from October onward explaining the discount and instructions on what they need to do next, while customers in Scotland will need to apply directly with their energy supplier as soon as possible.

Mike Thornton, Chief Executive at Energy Saving Trust said:

As we head into the colder winter months with energy prices remaining high, it’s vital that people know how to reduce the amount of energy they use around their home to keep bills as low as possible.

Public information, engagement and advice have a vital role to play, therefore we welcome the relaunch of this UK government campaign.

We hope its continued success paves the way for further initiatives that inspire positive behaviour change around energy consumption in the future.

The press release issued by the Department for Energy Security and Net Zero on 16 October 2023.

Measures announced by Nuclear Minister Andrew Bowie at IAEA Fusion Energy Conference.

Thousands of people across the UK will have the chance to train for careers in innovative fusion technology, under government plans unveiled today (Monday 16 October).

Speaking at the IAEA Fusion Energy Conference, Nuclear Minister Andrew Bowie set out details of the new £650 million Fusion Futures Programme – part of the UK’s updated Fusion Strategy.

Measures include the creation of more than 2,200 training places across the country, a new fuel cycle testing facility to focus on commercialising the technology and funding to develop infrastructure for private fusion companies.

This includes growing and improving the UK Atomic Energy Authority’s (UKAEA) dedicated campus in Culham, Oxfordshire, recently visited by Energy Secretary Claire Coutinho, which will help drive further investment.

Fusion could generate a near unlimited supply of clean electricity in the long-term, and its development in the UK will help to create jobs, grow the economy, and strengthen the country’s energy security – delivering a cleaner energy system that will benefit future generations.

The UK is already a world leader in fusion technology and is well placed to share its knowledge and expertise around the globe. This government support will further cement that position, with the £650 million spending outlined today taking the total government investment in fusion to over £1.4 billion since 2021.

Speaking at the IAEA Fusion Energy Conference 2023, Minister for Nuclear and Networks, Andrew Bowie, said:

With world-leading scientific talent and expertise based here in the UK, we have a golden opportunity to be at the cutting-edge of fusion and lead the way in its commercialisation as the ultimate clean energy source.

The Fusion Futures Programme, backed by £650 million, will be at the core of delivering this, training thousands of people across the country and ensuring we have the best possible facilities to develop this exciting new technology.

CEO of the UK Atomic Energy Authority (UKAEA), Professor Sir Ian Chapman, said:

Delivering fusion power will require ideas to solve science and engineering challenges, involvement of industry partners, development of thousands of skilled people and strong international partnerships.

Fusion Futures will invest in all of these aspects – a truly concerted programme that will support economic growth and high-quality jobs as well as advancing fusion as part of a future sustainable energy mix.

The £650 million funding for the Fusion Futures Programme will include:

• up to £200 million for a Fuel Cycle Testing Facility, to develop technology in breeding fuel for fusion power plants, which will provide opportunities for the UK to become a world leader and exporter in tritium intellectual property
• up to £200 million for vital R&D ensuring industry can develop and design components for future fusion powerplants
• up to £50 million for growing and improving the Culham campus in Oxfordshire, building new premises to create vibrant concentrations of fusion companies, and helping drive inward investment into the UK
• up to £55 million for a Fusion Skills Programme, to train over 2,200 people over the next 5 years by working with business and universities to expand fusion training programmes
• up to £35 million additional funding for the Fusion Industry Programme (FIP), a challenge fund supporting UK companies to develop new technologies
• up to £25 million to enhance international collaborations on fusion R&D, to export UK expertise and make best use of global knowledge to accelerate fusion energy
• up to £18 million for a Technology Transfer Hub, strengthening connections between the UK’s leading research organisations and other programmes worldwide, with a focus on commercialising fusion research
• up to £11 million to further support the STEP programme and upskill UK industry to help deliver it

Today’s announcement follows confirmation from the government in September of its plans to put in place an ambitious suite of new research and development programmes to support the UK’s fusion sector and strengthen international collaboration.

The programme aligns with the core principle of international collaboration in the UK’s updated Fusion Strategy, also published today. The UK remains open to collaboration with the EU and other international partners, and this will form a key part of this new programme of work.

The fusion process involves heating a mix of 2 forms of hydrogen to extreme temperatures, 10 times hotter than the core of the Sun, causing them to fuse together to create helium and release huge amounts of energy.

The energy created can be used to generate electricity in the same way as existing power stations. Fusion is many million times more efficient, per kilogram, than burning coal, oil or gas.

The press release issued by the Department for Energy Security and Net Zero on 13 October 2023.

Five appointments to Ofgem’s board will bolster their consumer protection work.

The press release issued by the Department for Energy Security and Net Zero on 10 October 2023.

Public sector organisations can now bid for a share of £230 million to help make low-carbon energy upgrades to their buildings.

More schools, hospitals and other public buildings will be able to reduce energy use, save on bills and cut carbon emissions for the long-term through the latest round of funding from the Public Sector Decarbonisation Scheme.

From today (Tuesday 10 October), public sector organisations can bid for a cut of £230 million of government funding to support significant low-carbon energy upgrades to their buildings, ranging from heat pumps and solar panels, to new energy efficiency measures such as insulation and low-energy lighting.

The opening of the latest bidding process coincides with the 3-year anniversary of the scheme, which has so far allocated more than £2 billion to almost 1,000 public sector organisations across England, helping them reduce energy bills and carbon emissions in the long term.

Today’s funding marks another step in the government’s pragmatic and proportionate approach to reaching net zero, by scaling-up energy efficiency of buildings across the country and supporting the switch to more low-carbon heating.

The commitment follows significant progress the UK has already made towards reaching net zero – cutting all emissions by 48% between 1990 and 2021, which is faster than any other G7 country. Decarbonising the public sector with low carbon heating and energy efficiency measures is also expected to save the public sector an estimated £650 million per year on average to 2037.

Lord Callanan, Minister for Energy Efficiency and Green Finance, said:

We are a world-leader when it comes to reducing carbon emissions – and for us to reach our goal of net zero by 2050, we want to help public bodies like schools and hospitals to do their bit.

We’ve made fantastic progress so far, helping more than 1,000 schools, hospitals and leisure centres. Today’s funding will now help even more organisations across England bring their bills down, while also cutting their emissions.

The funding, announced today, has been made available through Phase 3c of the scheme, with organisations able to spend the money allocated in the 2024 to 2025 financial year – on top of further funding for 2025 to 2026.

Organisations that have benefited from a share of more than £2 billion under the scheme over the past 3 years include:

•  University Hospitals Coventry and Warwickshire NHS Trust have saved £54,500 on their annual energy bill thanks to a new air source heat pump at the Hospital of St Cross in Rugby and new solar panels and pipework insulation
• Staffordshire County Council have installed air source heat pumps and solar panels at the new Kingston Centre in Stafford. The school will also receive new energy efficiency measures, including a building energy management system, LED lighting, double glazing, roof insulation, cavity wall insulation, and pipework insulation. This is due to save them £79,700 on their annual energy bill
• Upper Norwood Library and the Waterloo Action community centre in the London Borough of Lambeth will see their energy efficiency improved – saving the council £5,200 on their annual energy bill. Air source heat pumps were installed at both sites, alongside LED lighting, double glazing, insulation and building energy management systems. Solar panels have also been installed at the Waterloo Action community centre

The Public Sector Decarbonisation Scheme aims to support the government’s commitment to reduce emissions from public sector buildings by 75% by 2037, compared to 2017 levels, as first set out in the 2021 Heat and Buildings Strategy.

Ian Rodger, Director of Programmes at Salix, said:

Salix is delighted to be delivering the next phase of the Public Sector Decarbonisation Scheme to support public sector bodies in their net zero transformation journey. The scheme is empowering organisations across England to make significant reductions in their carbon footprint from heating public buildings.

The huge enthusiasm for the scheme shows how much public sector bodies care about their carbon emissions and Salix is proud to be able to support them with finance and technical support to achieve their ambitions.

To apply for funding public sector bodies should visit: Public Sector Decarbonisation Scheme: Phase 3.

The press release issued by the Department for Energy Security and Net Zero on 5 October 2023.

Tighter emission limits for industries under the UK Emissions Trading Scheme, as the 2024 carbon allowance auction calendar is published.

Energy-intensive industries will be incentivised to reach their lowest-ever level of carbon emissions, under detailed plans published today (Thursday 5 October 2023).

The 2024 calendar for the UK’s Emissions Trading Scheme will limit the number of carbon allowances for companies to buy in 2024 to 69 million – 12.4% fewer than in 2023, and their lowest-ever level. By 2027, this will fall to around 44 million – a 45% reduction on 2023 – before reaching around 24 million by 2030.

It puts plans announced earlier this year into action – to reduce the cap on carbon emissions under the Emissions Trading Scheme in line with the UK’s ambitious net zero strategy.

Through the scheme’s auctions process, companies in industries including manufacturing, power and aviation are required to buy allowances for every unit of carbon they emit. With fewer available to buy, these sectors will need to take further steps to cut their emissions.

The auction calendar published today by the Intercontinental Exchange (ICE), on behalf of the UK Emissions Trading Scheme Authority, gives businesses certainty over the next 12 months and sets the scheme on a clear path for decarbonisation for the 6 years after that.

In a joint statement, UK Emissions Trading Scheme Authority ministers, including Lord Callanan, Julie James MS, Màiri McAllan MSP and Exchequer Secretary Gareth Davies MP said:

We want to give our industries the confidence to decarbonise, by investing in efficiency measures and moving away from fossil fuels to cleaner, more secure energy.

The UK Emissions Trading Scheme will cut supply of allowances auctioned, with a 45% reduction by 2027, to help us on our path to net zero.

The auction calendar for 2024 and introduction of the new net zero consistent cap will help provide certainty for businesses, while spurring investment and helping to grow the economy.

To ease the transition to a net zero cap, a proportion of allowances that went unused between 2021 and 2023 are now being allocated to auctions to be held between 2024 and 2027 – helping taper the reductions needed over that time. The number of allowances auctioned will still fall significantly each year over this period. There are also programmes in England, Wales, Scotland and Northern Ireland providing millions of pounds to help businesses make the changes needed.

As part of wider changes to the scheme, the UK Emissions Trading Scheme Authority has also committed to exploring measures for the future of the carbon allowances market, including examining the merits of a supply adjustment mechanism. This would provide a means of amending the supply of carbon allowances in response to market conditions.

A copy of the 2024 UK Emissions Trading Scheme auction calendar can be found on the ICE website. ICE run UK Emissions Trading Scheme auctions and secondary markets on behalf of the government.

The UK Emissions Trading Scheme Authority is the joint body comprising the UK government, Scottish Government, Welsh Government and the Department of Agriculture, Environment and Rural Affairs in Northern Ireland that runs the scheme.

The press release issued by the Department for Energy Security and Net Zero on 2 October 2023.

More social housing tenants to receive energy efficiency upgrades in their home, with an additional £80 million under Social Housing Decarbonisation Fund.

Thousands more social housing tenants will be helped to cut bills with additional government grants available for home energy efficiency upgrades.

Energy Security and Net Zero Secretary Claire Coutinho today (Monday 2 October) announced up to £80 million in additional funding will be made available through the Social Housing Decarbonisation Fund – which will generate energy bill savings of around £240 a year for some of the lowest-income households.

More than 100,000 households in England are already benefiting from the scheme and today’s funding is enough to upgrade an additional 9,500 homes.

Measures range from installing new wall, loft or underfloor insulation to supporting families to switch to low carbon heating – helping to cut energy bills and supporting around 2,000 jobs.

As part of the government’s new pragmatic and proportionate approach to reaching net zero, eligible tenants will receive the energy efficiency upgrades free of charge through their social housing provider, whether local councils or housing associations.

Secretary of State for Energy Security Claire Coutinho said:

We are delivering net zero in a way that supports the British public and does not burden hardworking families with additional costs.

Our Social Housing Decarbonisation Fund is delivering warmer homes and energy bill savings of around £240 for some of the lowest income families, as well as supporting thousands of jobs.

We’re already making over 100,000 homes more energy efficient with this scheme, and I’m delighted an extra 9,500 social housing tenants will now benefit too.

Minister for Energy Efficiency and Green Finance Lord Callanan said:

The UK is a trailblazer when it comes to reducing carbon emissions, cutting them faster than any other G7 country.

By supporting families to improve their household energy efficiency, this additional funding will deliver measures such as new insulation and low-carbon heating for even more households – helping them save money and cut emissions.

The government has a strong record on energy efficiency, with the proportion of homes in England with an EPC rating of C or above up from 14% in 2010 to nearly half of all homes now. Today’s funding will help drive up the energy performance of social homes with an EPC rating of D or below.

The scheme forms part of the government’s commitment to reduce overall UK energy demand by 15% by 2030, as well as supporting the ambition for the UK to move towards ever-greater energy security and independence. The government also plans to run a consultation on energy efficiency standards in the social rented sector.

Local and combined authorities, registered providers of social housing and charities that own social housing will be able to bid for the additional funding to install energy efficiency upgrades in November.

The press release issued by the Department for Energy Security and Net Zero on 27 September 2023.

Government welcomes decision by regulators to approve the Rosebank development.

The press release issued by the Department for Energy Security and Net Zero on 26 September 2023.

UK and Germany sign agreement to help accelerate the development of an international hydrogen industry.

A new important agreement between the UK and Germany could help to accelerate the development of an international hydrogen industry – with the 2 countries at the cutting edge of its development.

Signed today at the UK Embassy in Berlin, by Minister for Energy Efficiency and Green Finance Lord Callanan and Federal Republic of Germany’s State Secretary for Energy Philip Nimmermann – a Joint Declaration of Intent will see the UK and Germany work together to underpin the international trade in hydrogen.

The 2 governments will also accelerate the role of low-carbon hydrogen in their nations’ energy mix, showing the world how to expand new, net zero-friendly markets. They committed to work together to further advance ground-breaking and renewable hydrogen technologies, supporting jobs and low-carbon investment.

The partnership follows significant investment by both countries in the development of hydrogen as an alternative fuel. In the UK, the government is supporting new low-carbon hydrogen production with capital from the £240 million Net Zero Hydrogen Fund and revenue support from the Hydrogen Production Business Model. In Germany, the government is also supporting the implementation of the National Hydrogen Strategy with funding from the Climate and Transformation Fund, providing a push for the ramp-up of a hydrogen market.

It will also further boost the move towards net zero emissions by 2050, and the energy security of both countries, moving away from fossil fuels and towards cleaner and more secure, diversified alternatives.

UK’s Minister for Energy Efficiency and Green Finance Lord Callanan said:

The UK and Germany are natural partners in making low-carbon hydrogen a cleaner and more sustainable way to power up our societies.

This agreement will underpin the development of this new fuel not just for our respective countries but also for an international trade that could be transformative in our work towards achieving net zero emissions by 2050.

It is through these partnerships that we can move away from expensive fossil fuels – and in doing so boost our energy security.

Federal Republic of Germany’s State Secretary for Energy, Philip Nimmermann said:

With this declaration we are on our way to jointly help developing the European and international markets for hydrogen. Our cooperation will not just involve trading of hydrogen and its derivatives, but also cooperation on technologies and innovation in this field, which will be of mutual benefit for both Germany and the UK.

Hydrogen is of the highest importance for us to meet our goals regarding emission reduction. Also, it is a great opportunity for business. I am looking forward to a successful partnership.

Five pillars of collaboration were agreed by the leaders:

• Accelerating the deployment of hydrogen projects for industry and consumers
• Establishing international leadership on hydrogen markets, setting safety and regulations to aid trade
• Research and innovation on hydrogen, from production to end use
• Promoting trade for hydrogen, plus related goods, technologies and services
• Joint market analysis, to support planning and investment by government and industry

This work is set to make hydrogen technologies cheaper and more accessible, aiming to lower energy costs for consumers in the future.

As industry feels the benefit of trade opportunities between the 2 countries, private investment in hydrogen technology and projects is set to follow the agreement.

Providing supportive environments, the countries will discuss safety standards that can be used internationally with the aim to establish reliable, stable markets for sustainable low carbon hydrogen, in particular from renewables.

The agreement will further help the UK and Germany reach their respective goals of net zero emissions by 2050 and to secure a reliable energy supply for economic and energy security purposes, recognising the shifting geopolitical landscape.

Steve Scrimshaw, VP of Siemens Energy UK&I and a member of the UK government’s Hydrogen Advisory Council and the Green Jobs Delivery Group, said:

The UK and Germany have a proud track record when it comes to green energy and today’s Hydrogen Partnership reinforces that commitment. Ramping up the hydrogen economy will take time. Closer cooperation between countries such as the UK and Germany will help accelerate the scale and pace that is needed.

The sustainable decarbonisation of industry is unthinkable without renewable hydrogen that is why partnerships like this are so important. At Siemens Energy we cover the energy value chain – from power generation and transmission to storage, including hydrogen electrolysis technology – and are committed to playing a key role across Europe and the rest of the globe.

Dennis Schulz, CEO of ITM Power, said:

As the UK’s only commercial electrolyser manufacturer, we are welcoming this cross-border collaboration agreement. An effective hydrogen economy can only take shape if countries form alliances like this one. Germany is a very significant market for hydrogen and for ITM Power. We are currently building several hundreds of megawatts of electrolyser capacity for projects in Germany, some of which are among the biggest projects in the world. In October, we will open our new office and EU after sales hub near Frankfurt that will further strengthen our links with our customers and partners in Germany and the wider EU.

Michael Lewis, CEO of Uniper, said:

Today is an important milestone for the German-British energy cooperation. Uniper is proud to be actively shaping the energy transition in the UK. Indeed, hydrogen projects in the UK are an essential part of Uniper’s new strategy and its implementation. Our commitment to driving large-scale hydrogen production is already underpinned with projects: The Humber H2ub® is a 720 MW CCS-enabled hydrogen production project. At its Ratcliffe power station site Uniper plans to develop large-scale, low carbon hydrogen production.

Sopna Sury, COO at Hydrogen RWE Generation, said:

RWE is committed to ramping up green hydrogen in the UK and Germany as part of its clean energy growth plans. By the end of the decade, RWE aims to build a net 2 GW of dedicated electrolyser capacity in our core markets, including the UK. Evidence of this is our flagship GetH2 project in Lingen, Germany and our project development work in England, Scotland and Wales. As a leading international energy company with a strong footprint in the UK, RWE is well-placed to support this partnership and help put the UK and Germany at the forefront of the European hydrogen economy.

The press release issued by the Department for Energy Security and Net Zero on 26 September 2023.

Old and inefficient heat networks to be upgraded, to offer a more reliable service for thousands of homes and businesses.

The press release issued by the Department for Energy Security and Net Zero on 21 September 2023.

Joint statement related to the Climate Mobilisation Forum on 21 September 2023.

In a gathering at the National Museum of Natural History in Paris, President Macron and His Majesty the King Charles III heard from company chief executives and leading organisations on how they are supporting action on tackling climate change and nature loss in emerging and developing economies.

Attending as part of His Majesty’s State visit to France, the gathering followed the Climate and Nature Finance Mobilisation Forum. It builds on long-standing collaboration between the UK and France to accelerate action on climate change and protecting the natural environment. Both governments are committed to deepening this further, and to increasing support for emerging and developing economies, as reconfirmed through the Joint Leaders’ Declaration made at the 36th France – United Kingdom Summit, held in Paris in March 2023.

Today’s event was convened by France’s Minister for Higher Education and Research, Sylvie Retailleau, Minister for the Ecological Transition and Territorial Cohesion, Christophe Béchu, and Minister for the Energy Transition, Agnès Pannier-Runacher, and UK Secretary of State for Energy Security and Net Zero, Claire Coutinho, and Minister for Biosecurity, Marine and Rural Affairs, Lord Benyon. It brought together key figures from the private and public sector to identify how we can go faster to mobilise investment and financing to deploy climate and nature solutions in emerging and developing economies.

The event builds on the Climate Finance Mobilisation Forum held earlier this year in Windsor, at which financial institutions and philanthropists announced a range of new investment platforms and initiatives, demonstrating their commitment to concrete actions to finance climate efforts in Africa, Asia and Latin America.

It also follows on from the commitments on climate and nature made by the UK and France during the UN General Assembly this week in New York, and at the Summit on a New Global Financing Pact in June 2023, at which France and the UK launched a joint initiative to promote funding for nature protection and restoration. A key part of this was the creation of a new International Advisory Panel on Biodiversity Credits co-chaired by Chair of the Royal Botanic Gardens at Kew Dame Amelia Fawcett and Former Deputy Governor of the Banque de France Sylvie Goulard. The panel brings together existing initiatives and a diverse range of perspectives to guide the development of biodiversity credits, which are a new tool for raising private sector investment for protecting and restoring biodiversity.

Participants at the Forum held today discussed practical actions that investors and companies are already taking to tackle climate change and biodiversity loss and what more can be done to increase investment particularly in emerging markets and developing economies. Many of those attending made new announcements and set out how they are implementing their existing commitments.

The companies involved today made the following announcements:

Ardian, a French private investment house, and aDryada, a French biodiversity operator, join forces to launch the Averrhoa Nature-Based Solutions Fund, dedicated to large-scale nature-based projects, with a strong positive impact on climate, biodiversity and local communities. It will allow investments for a total of up to €1.5 billion.

Designed to accelerate the strategies of investors and companies in the protection and regeneration of nature and the fight against climate change, this Fund aims to build a portfolio of around 15 diversified projects of reforestation, afforestation, restoration of mangroves and wetlands allowing for the removal of c. 150 million tons of carbon. These projects will be based on the three pillars of climate, biodiversity and providing benefits for local communities, complying with the most demanding international standards and generating high-quality carbon credits.

Averrhoa Nature-Based Solutions Fund will deploy capital globally, mostly in emerging markets and developing economies.

Amundi is taking a new step in the deployment of its strategy to contribute to the preservation of biodiversity and the investment into natural capital.

After engaging 385 companies in 2021 and 2022 to trigger improvements in integrating biodiversity into their strategy, Amundi is proud to join Nature Action 100, the largest global investor’s coalition dedicated to foster action on natural capital, building on the success of Climate Action 100.

Amundi has already launched 2 thematic funds linked to the biodiversity thematic: one on the blue economy and another one to support the transition to a circular economy taking into account the biodiversity footprint.

Amundi is also working on a first fully dedicated biodiversity fund, which is to be launched in the coming months.

In 2022, AXA, Unilever, and Tikehau Capital committed to create a €1bn private equity impact investment fund. This fund is unique by its size, thematic approach towards regenerative agriculture, and partnership gathering AXA’s specialised arm in climate adaptation and impact financing (AXA Climate), a large multinational consumer packaged goods company and an experienced fund manager in climate-related investments. They are now launching a €120 million investment in Biobest, a pioneer in sustainable crop management solutions, in particular in biocontrols that replace conventional pesticides. Biocontrols help farmers derisk their transition to regenerative agriculture practices during 5 to 10 years to restore the ecosystem on the field. With the investment, Biobest will acquire Biotrop, a Brazilian company active in bioinput, highly complementary to their own offer and impact generation.

Cool Earth, have pioneered unconditional grants to rainforest communities from Peru to Papua New Guinea and are regarded as the most effective approach, and are pleased to announce the roll out of a unique programme that provides regular cash grants to 2,000 households in the Peruvian Amazon putting decisions and control in the hands of the people who have most to lose from forest destruction and contributing to keeping 290,000 hectares safe.

Kering launched the Climate Fund for Nature at the COP15 on biodiversity in 2022. In partnership with L’Occitane Group, €140 million have already been committed, and new investors are expected to join this effort with the aim of reaching a total objective of €300 million.

Nine months after its creation, the Fund is fully operational and Kering is thrilled to announce the funding of a first project on the ground to protect primary forests in Peru (for an amount of €2 million) in partnership with a local NGO and indigenous communities. Various other projects are at an advanced study stage, including the restoration of mangroves and land in Latin America, West Africa and South-East Asia.

Finally, Kering will renew its financial support to the Museum of Natural History’s endowment fund to assist them in their work on biodiversity certificates, which are intended to establish a science-based methodology for creating a voluntary market for biodiversity credits, similar to what already exists for carbon.

LVMH is pleased to announce that it will join the Circular Bioeconomy Alliance (CBA) as a Founder Member. The CBA was established in 2020 by His Majesty King Charles III (then His Royal Highness The Prince of Wales) to demonstrate, through Living Labs on the ground, a holistic approach to landscape restoration and value chain creation that works for people, for nature and for the planet. LVMH is already working with the CBA through its support of a Living Lab in Chad that produces cotton sustainably, using agroforestry systems and regenerative farming techniques in partnership with local communities.

Mirova is continuing to roll out its Land Degradation Neutrality (LDN) fund with an investment of €8.5 million in Pamoja, an impact company specialising in sustainable land use, and a reference for sustainable macadamia nut production in East Africa. Pamoja supports nearly 6,000 small macadamia nut growers in Kenya in their efforts to promote sustainable agricultural land management practices. In Tanzania, Pamoja develops certified farms of macadamia nuts, under agroforestry systems. The investment will contribute to the development of Pamoja’s projects in Kenya and Tanzania, with the aim of contributing to sustainable land management over 6,200 hectares of land and reaching 13,000 local smallholder farmers. Mirova is a mission-driven, B Corp certified asset manager 100% dedicated to sustainable investing.

Safaricom, a Kenyan telecom operator and an associate business in Vodafone Group, will invest KES 15-20 billion (~€96 – €128 million) into a major environmental improvement programme. The company intends to reduce its CO2 emissions by accelerating the roll-out of more energy efficient fibre-to-the-home and fibre-to-the-building broadband to customers; to increase the usage of solar energy to power its network; to reduce plastic usage in its store network; and to increase the recycling of electronic waste, including redundant customer handsets. Safaricom has secured the largest Sustainability Linked Loan ever undertaken in East Africa. The funding was provided by a consortium of four banks: Standard Chartered Bank; Stanbic Bank; ABSA Bank; and KCB Bank.

Tikehau Capital, the global alternative asset management group, is in the process of partnering with the Natural Capital Investment Alliance (NCIA). This collaboration aims to advance the Terra Carta’s mission of prioritising nature, people and the planet at the forefront of global value creation. Furthermore, Tikehau Capital announces the first investment of its €1bn private equity impact strategy dedicated to regenerative agriculture and the launch of the second vintage of its decarbonisation strategy, which aims to mobilise between €2 and €3 billion. The first vintage, launched in 2018, successfully raised €1.4 billion and became one of the largest private equity vehicles exclusively committed to empowering companies that are at the forefront of efforts to decarbonise the economy.

This is in addition to recent pledges and initiatives from Forum participants showcasing climate and nature leadership:

Actis has pledged, through its Actis Energy 5 vehicle, $6bn of investable capital to renewable energy investment over the next 3 years, across 9 renewable energy businesses who will collectively deliver over 50 wind, solar and battery storage projects to both utility scale and commercial and industrial customers in Latin America, Asia, the Middle-East & Africa, the US and Central & Eastern Europe. A separate strategy will focus on transition in Asia including energy efficiency and sustainable mobility. Actis will build on its track record of delivering over 180 renewable energy projects across 35 countries over the last 20 years. With sustainability integral to Actis’ investment strategy, Actis continues to focus on a just energy transition – transformation for communities, investors and planet.

This year, both the International Development Finance Club (IDFC) – the group of 26 national and regional development banks from all over the world, and AFD Group – the French development bank and IDFC chair – announced record high levels of climate and biodiversity finance.

IDFC members reported a record high of 288 billion USD in total green finance commitments in 2022, a 29% increase from 2021, of which 32 billion USD were allocated to adaptation finance, a 52% increase from 2021. Cumulatively, green finance commitments by IDFC members surpassed 1.5 trillion USD since the Paris Agreement in 2015.

With €6.9 billion in 2022 of climate finance approved in developing countries and Overseas France, AFD Group reached a new record level too, which makes the Group one of the main international climate finance providers.

Bank of America recently made an investment in responsAbility’s Climate-Smart Agriculture and Food Systems Transformation Fund, which provides long-term debt to innovative businesses in the food value chain in emerging markets. The fund could potentially transform 300,000 hectares to climate-smart practices, drive sustainable land use and reduce about 8 million tons of GHG emissions. It builds on other ways that Bank of America is deploying capital into blended finance vehicles focusing on natural capital. Previously, Bank of America also committed to Bamboo Capital’s Agri-Business Capital (ABC) Fund and the InsuResilience Debt Fund, both driving private capital to largely underserved segments of small agricultural holders and farmers in developing countries. Each of these funds is addressing issues of land use, biodiversity and greenhouse gas emissions while creating sustainable food supply, jobs and economic benefits as well as climate resilience for local communities.

Egis, a global consultancy, construction engineering, and operations firm, allocates 38% of its R&D budget to climate action and biodiversity conservation. Through nature-based solutions like Soil.is, Egis is assisting countries such as Côte d’Ivoire and Congo to diagnose soil health and implement approaches to boost carbon sequestration around major infrastructure. Its Seaboost initiative has aided the Philippines to mitigate flood risk whilst safeguarding local populations and biodiversity. These innovations underscore Egis’s belief that climate and biodiversity solutions must evolve hand-in-hand. By 2030, the company will integrate sustainable design practices in every project, part of a wider strategy that has already seen 45% of its 2022 revenue contribute to sustainable transition. Solidifying its commitment, Egis secured a landmark Sustainability-Linked Loan in 2023 to finance its growth in alignment with its environmental, social and governance objectives.

ENGIE is stepping up its engagement for climate. Firmly committed to achieve its Net Zero Ambition worldwide by 2045, it will reach Net Zero in 4 countries as early as 2030. To reach this target, it will invest €22-25bn between 2023 and 2025. Concretely, it develops energy transition projects in both developed and developing economies, such as the 150MW utility scale battery in the former Australian coalmine site of Hazelwood, a new 3GW windfarm as part of the Ras Ghareb consortium in Egypt and the recent acquisition of BTE Renewables in South Africa including 340MW of installed capacity.

Federated Hermes Limited is pioneering work directing public and private capital into nature while targeting 80% alignment with 1.5C by 2030 across its public markets portfolio, through active engagement with over 190 companies whose market cap tops USD 10 trillion.

In late 2022, the firm announced the development of a UK Nature Impact Investment fund to invest in nature-based solutions across land, coasts, rivers and sea. With the UK government committing £30 million, and with strong private capital interest, it is now committing to raising £400 million in the medium term.

Federated Hermes Limited also launched its Biodiversity Fund in 2022, devoting capital to companies globally that provide solutions around biodiversity loss or lead their sector on nature. Drawing on its partnership with the Natural History Museum in London, the fund has raised over £50 million since launch and is now aiming to exceed £100 million of assets by the end of 2024.

Haleon is committed to helping break down social and environmental barriers that hold people back from better everyday health. Recognising the worsening impact of climate change on health, the company works with industry peers through the ‘Climate and Health Coalition’ to mobilise action. Haleon created ‘The Clean Breathing Institute’ to support pharmacists to give trusted advice to patients on mitigating the impact of air pollution on their respiratory health. The business has 1.5 degree-aligned near-term Scope 1, 2 and 3 carbon reduction targets, which were recently validated by the Science Based Targets initiative. During its 2022 reporting period, Haleon reduced its net Scope 1 and 2 carbon emissions by 41% versus its 2020 baseline, driven by steps including switching to 100% renewable electricity across the sites the business directly controls.

The International Ski and Snowboard Federation (FIS), the governing body of skiing and snowboarding, has established the FIS Rainforest Initiative and committed to investing in communities in Peru by supporting the charity Cool Earth. The deforestation project focuses on educating local young people to become tomorrow’s successful farmers and protectors of the rainforest. By off-setting its total carbon footprint many times over through the Rainforest Initiative, FIS has become the world’s first Climate Positive sports federation.

Pollination is a joint project owner in Delta Blue Carbon (DBC), the largest coastal blue carbon project in the world. Across two phases, the project will restore more than 4000 km2 of degraded mangroves, while further conserving an area of approximately 2000 km2, and will produce an estimated total of 244 million carbon credits. The project is underpinned by strong benefit sharing mechanisms across education, healthcare, economic development and gender equality, with approximately 60% of the revenue from carbon credit sales reinvested back into the local communities.

When combined, these are landscape – scale projects which aim to protect and restore the entire ecosystem and bring increased climate resiliency to the southern Sindh province, an area severely impacted by climate change in the floods of 2022. Quite simply there is no other successful restoration project in its class. The second phase, DBC-2, is currently in the fundraising stage.

The members of the Sustainable Markets Initiative’s (SMI’s) Financial Services Task Force have committed over $9 trillion to support the transition to net zero by 2030 (or sooner) and have already provided and mobilized over $2.5 trillion in capital as part of those commitments since 2020 to 2021. The SMI continues to work to align industry, investment and country roadmaps to accelerate the deployment of private sector capital with a focus on emerging and development markets.