Tag: Energy Security and Net Zero Department

The press release issued by the Department for Energy Security and Net Zero on 3 August 2023.

Energy Security Secretary Grant Shapps announces £22 million uplift for flagship scheme.

A multi-million-pound boost for cleaner, more secure energy will make Britain the ‘first choice’ for investors, Grant Shapps said today.

The Energy Security Secretary today announced a £22 million increase in government backing for renewables through the flagship Contracts for Difference scheme – taking the total budget to £227 million for this auction.

The scheme – launched in 2014 – is the government’s main system for supporting low-carbon electricity generation and has already led to an increase in the proportion of the UK’s energy coming from renewables.

In 2022, renewables fuelled around 42% of the UK’s electricity generation – up from 7% in 2010 – compared to around 21% in the US and 23% in Japan.

In the first quarter of 2023, renewables generated a record 48% of our electricity, all making strong progress towards our targets to deliver a decarbonised power sector by 2035 and net zero by 2050.

The increased funding combined with the introduction of annual auctions this year, will boost investments in Britain’s world-leading renewable industry, while strengthening the UK’s energy security, fostering growth in the country’s green industries and reducing exposure to volatile global gas prices.

Energy Security Secretary Grant Shapps said:

Putin’s barbaric action against Ukraine made clear our need to do whatever it takes to bolster our energy security.

Today’s funding through our flagship Contracts for Difference scheme – the lifeblood of our renewables industry for nearly a decade – will help grow our economy by making Britain the first choice for investors in renewable energy projects and secure skilled jobs for future generations.

This will be the case for established technologies like solar, and new innovations like floating offshore wind and, alongside our backing for oil and gas, carbon capture and our revival in nuclear, will ensure we can help power more of Britain from Britain for decades to come.

Today’s new funding for the current round (AR5) will mean:

• an increased budget for established technologies such as solar and offshore wind – from £170 million to £190 million
• an increase in the budget for emerging technologies such as floating offshore wind – up from £35 million to £37 million
• maintaining £10 million ring-fenced budget for tidal stream projects

This funding boost is expected to send a powerful signal to the industry, increasing developer confidence in the sector every year and enhancing the UK’s reputation as among the most attractive places to invest and grow the economy, with nearly 25,000 jobs directly supported by renewable electricity sectors in 2021.

Today’s increase comes as Deputy Prime Minister Oliver Dowden visits Able Seaton Port to announce the installation of the first of over 2 hundred 260m tall wind turbines is installed at Dogger Bank – becoming the world’s largest offshore windfarm. A specialised floating platform, taller than the Eiffel Tower, has been created to install the wind turbines onto the seabed.

When complete, the 277 turbines, which include British steel manufactured in Wales and processed in Corby and Hartlepool, will be capable of powering the equivalent of up to 6 million homes annually. Dogger Bank is being built in 3 phases – Dogger Bank A, B and C – by renewables developers SSE Renewables, Equinor and Vargronn.

This comes as the register revealing the most serious risks to the United Kingdom, the National Risk Register, is published today as part of government plans to better prepare the public and businesses for the threats facing the country, including to energy security.

Deputy Prime Minister Oliver Dowden said:

Today we’ve published the latest National Risk Register, showing the many challenges we face to keep Britain safe in an uncertain world – like the risk of disruption to global energy supplies.

Backing British renewables will tackle that risk and undermine Putin’s energy ransom. Which is why I’m with SSE in Hartlepool today as we install the first wind turbine at the new Dogger Bank offshore wind farm, generating cheap, clean energy to power millions of British homes.

This latest financial backing will help to replace expensive imported fossil fuels with cheaper, cleaner, domestic sources of energy. Building a more secure energy future with thriving green industries will have the knock-on effect of helping to grow the UK’s economy and create jobs across the country, with billions of pounds in private investment.

The Contracts for Difference scheme has already helped accelerate plans to diversify, decarbonise and domesticate the UK’s energy supplies, with the last round (AR4) securing around 11GW of low carbon capacity – enough to generate sufficient electricity to power 12 million British homes through nearly 100 clean technology projects.

The scheme supports the deployment of renewable power right across Britain, with the scheme so far having awarded contracts to 52 projects in Scotland, which represents around 30% of all CfD projects. In Wales, the scheme has so far awarded contracts to 9 projects, totalling around 260MW of capacity.

Minister of State for Energy Security and Net Zero Graham Stuart said:

Our successful, world-leading scheme has accelerated the roll-out of renewable, homegrown energy.

Today’s increase will improve energy security and maximise the potential of the scheme. This will result in investment, a stronger renewables sector and growth to our economy.

Neil McDermott, CEO of the Low Carbon Contracts Company (LCCC), said:

The £22 million boost to the Contracts for Difference (CfD) Allocation Round 5 reaffirms the government’s commitment towards transforming Britain into a global leader in renewable energy. Contracts for Difference plays a crucial role in enhancing energy security, driving economic prosperity and propelling us towards a more sustainable future.  LCCC currently manages a portfolio of 167 CfDs, and is excited to deliver AR5, furthering our vision to accelerate the delivery of net zero.

Claire Dykta, Head of Markets for the National Grid Electricity System Operator, said:

Following our evaluation of qualifying projects we welcome the Secretary of State’s decision to revise the budget for Allocation Round 5.

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

Energy firms met today with Secretary of State Grant Shapps during Energy Week to strengthen the UK’s plans for energy security and economic growth.

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

Energy Security Secretary Grant Shapps meets with energy industry leaders in Downing Street.

The press release issued by the Department for Energy Security and Net Zero on 30 July 2023.

Government to announce measures putting energy security at the heart of economic growth.

The press release issued by the Department for Energy Security and Net Zero on 25 July 2023.

Training providers across England can bid for a share of £8.85 million government funding to offer courses in retrofitting and installing insulation.

The press release issued by the Department for Energy Security and Net Zero on 24 July 2023.

Government sets out plans to boost competition and innovation in the energy market

Households across Great Britain will have better access to energy deals and more control over their energy use as part of government plans to boost competition and innovation in the energy market.

Energy Consumers and Affordability Minister Amanda Solloway today outlined plans to ensure consumers have a much wider range of using energy – whether that’s tariffs offering lower prices at certain times of the day, smart chargers that automatically put users on the lowest rate to charge electric vehicles or opportunities to buy shares in renewable energy in return for electricity bill discounts.

Already some retailers are offering these more flexible and tailored ways of using energy, but today’s plans would ensure even more households benefit from these opportunities.

Putin’s barbaric attack on Ukraine sent energy prices soaring, with the government stepping in to cover half a typical household’s energy bills this winter. However, despite prices falling by two thirds since their peak, the majority of suppliers are continuing to charge consumers the maximum amount allowed under the default tariff price cap instead of offering more innovative and flexible products.

As the government continues to work with stakeholders and consumer groups on energy bill support for vulnerable households, it wants to make sure the market is resilient, competitive, fit for the future and delivers for consumers.

That is why energy suppliers are today being asked to put forward ideas that will ensure consumers benefit from the cheaper cost of powering their homes as more of their electricity comes from renewables, and from using their energy when demand is lower.

Amanda Solloway, Minister for Energy Consumers and Affordability said:

The global rises in energy prices caused by Putin’s barbaric invasion of Ukraine shows why we need to bolster our energy security and strengthen our energy market, so families and businesses are protected, while getting a fair deal.

Over the winter, we provided unprecedented levels of support – including paying nearly half a typical household’s energy bill – and took decisive steps to stabilise the retail market.

We now want to put power back in the hands of consumers, giving them greater options to cut their energy bills in a market fit for the future. Today, I’m calling on industry to work with us, and take up the opportunities of investing in low-carbon technologies and providing a first-class customer service.

With energy from renewables now accounting for 40% of electricity supply, today’s announcement signals a positive step forward in future-proofing the market, as the UK transitions to a greener, more secure energy system.

The government wants energy retailers to play a driving role in unlocking barriers to innovation that will bring real benefits to both consumers and suppliers alike.

To that end, government will now work with industry to gather their views and evidence on ways to make low carbon technologies more commonplace, bringing out this monumental sea-change in our energy retail market.

The press release issued by the Department for Energy Security and Net Zero on 18 July 2023.

Great British Nuclear to boost UK energy security, reduce dependence on volatile fossil fuel imports and deliver government priority to grow the economy.

A massive revival of nuclear power gets underway today, placing the UK at the forefront of a global race to develop cutting-edge technologies to rapidly deliver cleaner, cheaper, more secure energy.

Energy Security Secretary Grant Shapps will today announce how Great British Nuclear (GBN) will drive the rapid expansion of new nuclear power plants in the UK at an unprecedented scale and pace. This will boost UK energy security, reduce dependence on volatile fossil fuel imports, create more affordable power and grow the economy, with the nuclear industry estimated to generate around £6 billion for the UK economy.

From today, companies can register their interest with GBN to participate in a competition to secure funding support to develop their products. This could result in billions of pounds of public and private sector investment in small modular reactor (SMR) projects in the UK – demonstrating the government delivering on its priorities to partner with the nuclear industry and jointly spearhead the future of nuclear technologies.

Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and could transform how power stations are built by making construction faster, and less expensive.

GBN will play a key role in helping the government hit its ambition to provide up to a quarter of the UK’s electricity from homegrown nuclear energy by 2050 and achieve among the cheapest wholesale electricity prices in Europe, whilst supporting jobs across the country.

In addition to supporting this emerging, more agile technology, the government remains committed to the mega projects of Hinkley Point C and Sizewell C and will work with GBN to consider the potential role of further large gigawatt-scale nuclear power plants in the UK energy mix.

Energy Security Secretary Grant Shapps said:

Britain has a rich history as a pioneer of nuclear power, having launched the era of civil nuclear power – and I’m proud to be turbocharging its revival and placing our country once again at the forefront of global innovation.

By rapidly boosting our homegrown supply of nuclear and other clean, reliable, and abundant energy, we will drive down bills for British homes and make sure the UK is never held to energy ransom by tyrants like Putin.

Today, as we open Great British Nuclear and the competition to develop cutting-edge small modular reactor technology, which could result in billions of pounds of public and private sector investment, we are seeing the first brush strokes of our nuclear power renaissance to power up Britain and grow our economy for decades to come.

Minister for Nuclear Andrew Bowie said:

As long-standing pioneers of nuclear, today we’re marking its UK revival with the opening of Great British Nuclear, which will play an essential role in transforming the way we power Britain from Britain.

I look forward to seeing the world-class designs submitted from all around the world through the competitive selection process, as the UK takes its place front and centre in the global race to unleash a new generation of nuclear technology.

Simon Bowen, interim chair of GBN said:

GBN is core to delivering the government’s new nuclear programme.

Building on the work done at Hinkley Point and Sizewell, today’s announcement of the start of the SMR selection process signifies a real step forward in delivering the scale of nuclear power that Britain needs for secure, sustainable energy future.

We look forward to working with all interested parties – technology vendors, the supply chain, the wider industry and local communities as we move this essential programme forward.

On top of today’s GBN competition launch, the government is also announcing today a grant funding package totalling up to £157 million:

Up to £77.1 million of funding for companies to accelerate advanced nuclear business development in the UK and support advanced nuclear designs to enter UK regulation, maximising the chance of small and advanced modular reactors being built during the next Parliament.

Up to £58 million funding for the further development and design of a type of advanced modular reactor (AMR) and next generation fuel. AMRs operate at a higher temperature than SMRs and as a result they could provide high temperature heat for hydrogen and other industrial uses alongside nuclear power. The winning projects of this latest phase of funding are:

• up to £22.5 million to Ultra Safe Nuclear Corporation UK in Warrington to further develop the design of a high temperature micro modular reactor, a type of AMR suited to UK industrial demands including hydrogen and sustainable aviation fuel production
• up to £15 million to National Nuclear laboratory in Warrington to accelerate the design of a high temperature reactor, following its success in Japan
• up to £16 million to National Nuclear Laboratory in Preston to continue to develop sovereign coated particle fuel capability, a type of robust advanced fuel which is suitable for high temperature reactors

A further £22.3 million from the Nuclear Fuel Fund will enable 8 projects to develop new fuel production and manufacturing capabilities in the UK, driving up energy security and supporting the global move away from Russian fuel. Winning projects include:

• over £10.5 million to Westinghouse Springfields nuclear fuel plant in Preston to manufacture more innovative types of nuclear fuel for customers both in the UK and overseas, boosting jobs and skills in the North West
• over £9.5 million to Urenco UK in Capenhurst Chester, an international supplier of nuclear materials, to enrich uranium to higher levels, including LEU+ and high assay low enriched uranium (HALEU). LEU+ will allow for current reactors and SMRs to run for longer between refuelling outages, improving reactor efficiency and economics both in the UK and abroad. HALEU development will ensure that the UK remains at the forefront of fuel development for future advanced reactors
• over £1 million has also been awarded to Nuclear Transport Solutions, a subsidiary of the Nuclear Decommissioning Authority, to develop transport solutions to facilitate a supply chain for HALEU in the UK and internationally.
• over £1.2 million to support MoltexFLEX, a UK molten salt reactor developer based in the North West, to build and operate rigs for the development of molten salt fuel. Molten Salt Reactors (MSRs) are an AMR type that use a molten salt as a coolant and fuel, leading to intrinsic safety compared with conventional fuels.

A knowledge sharing initiative, led by expert nuclear industry advisers Arup Ove, aimed at facilitating the sharing of valuable expertise to reduce the time, risk, and cost of AMR R&D programme delivery.

Julia Pyke, Joint Managing Director for Sizewell C said:

It’s great to see the growing ambition for nuclear which underlines the key role it will play in a future ‘net zero’ energy system. Today’s announcement is also another big vote of confidence in Sizewell C, which will continue the transformation in British nuclear construction started by Hinkley Point C.

If Hinkley had been on last year, UK consumers would have saved over £4 billion. Both projects will form a vital part of the future nuclear fleet, helping to lower carbon emissions and reduce energy costs for British households.

Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

The launch of GBN marks a new era for nuclear deployment in the UK – helping drive a programme of construction at pace and at scale to strengthen our energy security, create good jobs across the country, and advance our net zero future by providing up to 25% of our future power needs.

Focus on the SMR selection will demonstrate the commitment to deployment of innovative technologies and open up new opportunities for the UK industrial supply chain here and abroad. There a range of sites and communities across the country ready to host SMR technology, alongside the large scale nuclear capacity we will also need.

Britain has an important leadership role in the global nuclear industry, and nowhere more so than in our determination to drive Russia out of the nuclear fuel markets. The government’s Nuclear Fuel Fund will bolster those world-class capabilities that make us uniquely placed to help our allies replace Russian supplies with Western nuclear fuel.

David Peattie, Nuclear Decommissioning Authority CEO, said:

Decommissioning plays a critical role in the lifecycle of nuclear power generation, and we are committed to sharing our expertise, resource, and assets to support GBN and the government in delivering for the British public.

I’m delighted that in support of this aim our nuclear transport arm, Nuclear Transport Solutions, has been awarded over £1 million of government funding to develop the fuel transport package for new nuclear reactors.

We will continue to explore opportunities to align our mission with GBN’s ambitions, including the potential to free up our excess land for other uses.

Last year, the government made the historic decision to revitalise the UK nuclear industry by confirming the first state backing of a major nuclear project in over 30 years, investing £700 million in Sizewell C. Subject to final approval, the project will support 10,000 jobs at peak construction, and provide reliable, low-carbon power to the equivalent of 6 million homes for over 60 years.

GBN, an arms-length body, will initially be led by Simon Bowen and Gwen Parry-Jones, interim Chair and CEO.

Following the launch of the SMR selection process today, once the initial stage is complete, GBN will down-select those technologies which have met the criteria, and then enter into detailed discussions with those companies as part of an Invitation to Negotiate phase. The initial down-select will take place in the Autumn.

The press release issued by the Department of Energy Security and Net Zero on 11 July 2023.

Joint UK-US statement on Climate Finance Mobilisation Forum that encouraged philanthropists and financiers to increase support for emerging markets and developing countries in tackling the climate crisis.

In a gathering at Windsor Castle, President Biden and His Majesty King Charles III heard from leading philanthropists and financiers who are helping to catalyze finance to support emerging markets and developing countries in tackling the climate crisis. The gathering followed the Climate Finance Mobilisation Forum, convened by the UK Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry, and inspired by the work of His Majesty the King.

This gathering builds on longstanding UK-US efforts to turbocharge the net zero, resilient transition already underway in developing and emerging economies on the road to COP28. The Forum brought together key players to identify how we can go further faster to mobilize the private investment needed to expand clean and renewable energy across the globe, reduce potent non-CO2 emissions, halt deforestation and restore forests, and build resilience to a changing climate.

Recognizing the scale and urgency of the climate crisis, the gathering emphasized the importance of partnership across governments, philanthropies, and investors – given that no single actor can mobilize finance at the scale required by acting alone. The scale of this transition requires trillions in private investment in addition to the public funds we are spending. It is also one of the biggest investment opportunities in history. Private sector financial institutions and philanthropists announced a range of new investment platforms and initiatives during the event that demonstrated their commitment to concrete actions to finance efforts in Africa, Asia and Latin America. These efforts will help reduce emissions and boost climate resilience – while generating jobs in local communities and growing their economy.

Building on this important event, COP28 in the United Arab Emirates will host a High-Level Business & Philanthropy Delivery Forum during the World Leaders Climate Action Summit. The Forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for collaboration, and acceleration.

Key announcements

Key announcements included:

Builders Vision, Mitsui & Co. and Renewable Resources Group Partnership will identify over $1 billion of Nature-Based Solutions Projects in Emerging Markets through a new venture they are pursuing to address impacts of climate change across critical supply chains in agriculture, natural resources development, and energy. The firms seek to cooperate on activities globally where nature-based solutions – such as regenerative farming, agroforestry, and sustainable water management – can be used alongside best-in-class technology solutions and local community expertise to develop products and systems that reduce negative environmental impacts and create sustainable and mutually beneficial outcomes. These firms will identify at least $1 billion of initial project opportunities in emerging markets where investors and corporations can deliver on carbon neutrality and sustainability pledges via direct investment and supply chain participation. Potential initial investment projects span highly biodiverse and at-risk climate regions, including areas of Central and South America, the Middle East and North Africa with ambition to expand to sub-Saharan Africa and East Asia over time. Cooperation and collaboration with multi-national corporations, governments, family farmers, and others is welcomed to support these opportunities.

Builders Vision is also committing $100 million in oceans-related investments and grants in emerging markets focused on blue carbon ecosystem conservation, oceans carbon dioxide removal, shipping decarbonization and advancing wind energy.

LeapFrog Investments, an impact investment firm operating in emerging markets, has committed to investing $500 million in companies that are addressing climate change in Africa and Asia. Their aim is to provide green tools and technologies to 50 million low-income people, enabling them to improve their lives and livelihoods. This investment will focus on supporting companies in the built environment, energy, mobility, and food sectors, which are key areas for a green transition. By 2030, overall investments in these 4 sectors alone could help reduce greenhouse gas emissions substantially and could create an estimated 90 million new jobs in developing countries.

The Tony Elumelu Foundation (TEF) is launching a $500 million Coalition for African Entrepreneurs, to catalyse a further 100,000 young African entrepreneurs and small businesses, focusing particularly on fragile states, women entrepreneurs, and green entrepreneurship. The Foundation has, since 2015, connected over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Coalition is open to development agencies, the global private sector, philanthropic organisations, and governments to create meaningful change and empower Africa’s next generation. Creating a green entrepreneurial revolution is fundamental to the Coalition, as we embed sustainable practices and solutions across the next generation.

The Sustainable Market Initiative (SMI) has announced its Terra Carta Accelerator Fund with a target of £100 million. The initial focus of the Accelerator Fund will be to bring natural capital projects, with climate co-benefits, to investability and scale with a focus on emerging and developing markets.  It also aims to pilot Nature and climate-aligned supply chain transitions across industries globally.  The Accelerator Fund builds on a challenge from His Majesty King Charles III to ensure the private sector is helping to scale a minimum of 5 land-based and 5 marine-based projects a year to 2030 as a significant contribution to the Global Biodiversity Framework including the effective conservation and management of at least 30% of the world’s land, coastal areas and oceans in addition to the restoration of 30% of terrestrial and marine ecosystems. The members of the Sustainable Markets Initiative’s Financial Services Task Force have committed over $8.9 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.

Forrest Group (Fortescue, Minderoo Foundation and Tattarang) will pursue a unique portfolio of blended philanthropic, private and public finance with 7 priority actions to continue the scale-up of its green metals and green businesses, including:

(1) embarking on a new project of work with the Green Hydrogen Standard 2.0 at COP28 to ensure standards are set in a way that helps emerging economies thrive while also partnering with leading African universities to develop the skills required to enable the hydrogen industry in Africa
(2) developing an ethical and secure supply chain for critical clean technologies with practical initiatives such as transforming an existing, surplus geothermal energy source to generate green hydrogen in Kenya; and
(3) building an estimated $20 billion in renewable energy projects across the world, including in Africa, Australia, Europe and Latin America. Projects are expected to be financed in the rapidly developing green, structured finance global capital markets.

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

Boston Consulting Group (BCG) previously announced that it expects to invest $2 billion in the next decade to reach their “Net Zero by 2030” commitment and to provide consulting support to society and organizations in addressing critical climate and sustainability efforts across a broad range of partnerships including COPs, the First Mover Coalition, and many others. They supported the initial set up of the Energy Transition Accelerator (ETA) design process and are excited about its potential. While important design issues remain to ensure high-quality credits and clear recognition of companies’ contributions, they are optimistic these issues can be successfully addressed, and in that case, expect to become a founding partner in the ETA community and encourage others to participate as well.

BlackRock: At COP26, BlackRock announced the final close of the Climate Finance Partnership (CFP), a blended finance investment vehicle that seeks to accelerate the flow of capital into climate-related investments in emerging markets. So far in 2023, CFP has committed approximately $190 million into renewables investments in Kenya and the Philippines, and has approved the deployment of a further c. $90 million into 2 additional investments, both in emerging economies in South East Asia, which will be announced (subject to certain conditions) in due course. Following these capital commitments, CFP would have around $390 million of capital for deployment into future emerging markets climate technology investment opportunities.

Bloomberg Philanthropies, in partnership with the Glasgow Financial Alliance for Net Zero, will build on its long-term commitment to move the world beyond coal and keep the 1.5°C global warming target within reach. To address the specific challenges involved in accelerating a successful managed phaseout of coal power in emerging economies, Bloomberg Philanthropies will expand its support for Just Energy Transition Partnerships in countries including Indonesia and Vietnam, with a focus on ways for public and private finance to work together to unlock capital to enable economies to reduce coal and ramp up the development and deployment of clean energy. In addition, Bloomberg Philanthropies will help develop global and local standards and policy frameworks to ensure that the managed phaseout of coal is done in an effective and orderly manner. This includes developing and delivering concrete integrity guidelines by COP28  for the use of carbon credits in incentivizing earlier coal retirement, avoiding the planned release of millions of tons of carbon dioxide into the atmosphere.

Community Jameel, a global organisation focused on helping communities thrive, has announced that they are increasing their funding for climate initiatives ahead of COP28. The funding will support projects like the Jameel Observatory-CREWSnet, a platform that predicts climate change to help communities adapt. Community Jameel is committed to addressing climate change, particularly its impact on vulnerable communities. They will continue their efforts to combat food insecurity through agricultural innovation and climate-smart agriculture.

Ninety One, a global investment manager, has announced initial funding for its new strategy called Emerging Market Transition Debt (EMTD). This strategy aims to provide commercial financing to support real-world efforts in reducing carbon emissions where it is most needed. The firm is now raising more funds with the goal of turning EMTD into a large-scale initiative worth billions of dollars. By actively participating in the Sustainable Markets Initiative, Ninety One is contributing to the creation of a new investment category focused on transition debt. They provide credit to high-emitting companies that have a strong potential for transitioning towards sustainability. The aim is to inspire other companies to offer similar opportunities and promote transition financing on a larger scale.

Three Cairns Group and Sea Change Foundation International announced the formation of Allied Climate Partners, Inc. (ACP), a philanthropic investment organization with a mission to increase the number of bankable, climate-related projects and businesses in emerging markets and developing economies to create significant environmental, economic, and social impact. ACP will select regional investment managers in Southeast Asia, Africa, the Caribbean and Central America, and India and support them with capital and the expertise necessary to increase the number of climate-related projects and asset-oriented businesses by investing at the early-stages of the development process. The initiative will be formally launched at COP28.

The World Bank’s Private Sector Investment Lab have announced 15 Chief Executive Officers and Chairs who will make up the Lab.  The founding members comprise a core group charged with developing solutions to address the barriers to private sector investment in emerging markets and developing countries – including leaders from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, PIMCO, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata, Temasek, and Three Cairns Group. The Lab will identify new approaches, building on the World Bank’s current work, to address existing barriers and develop solutions , with the ultimate goal of crowding in greater levels of private finance in emerging markets. The Lab will initially focus on scaling transition finance in renewable energy and energy infrastructure.

Full list of attendees at the Climate Finance Mobilisation Forum

• Alison Rose, Natwest
• Andrew Forrest, Fortescue Group
• Andy Kuper, Leapfrog
• Bill Winters, Standard Chartered
• Brian Moynihan, Bank of America
• Colm Holmes, Allianz
• Fady Jameel, Community Jameel
• Hendrik du Toit, Ninety One
• Isabella da Costa Mendes and Victoria Miles, ImpactA
• Jennifer Jordan-Saifi, The Sustainable Markets Initiative
• John Neal, Lloyd’s
• Larry Fink, BlackRock
• Lukas Walton, Builders Vision
• Mark Carney, Private Sector Investment Lab; Brookfield Asset Management; The Glasgow Financial Alliance for Net Zero
• Mark Gallogly, Founder Three Cairns Group
• Mary Schapiro, The Glasgow Financial Alliance for Net Zero
• Nat Simons, Sea Change Foundation
• Noel Quinn, HSBC
• Rich Lesser, Boston Consulting Group
• Shriti Vadera, Prudential Plc; Private Sector Investment Lab
• Sultan Ahmed Al Jaber, COP President Designate
• Tony Elumelu, The Tony Elumelu Foundation

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

Energy Security Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry convene Climate Finance Mobilisation Forum in Windsor.

Top financiers and philanthropists will come together in Windsor today (Monday 10 July) for a Climate Finance Mobilisation Forum to recognise and encourage efforts that increase support for emerging and developing economies to accelerate a net zero, resilient transition.

Organisations are encouraged to bring examples of recent and new activities that represent significant investments to drive climate action and harness the environmental, economic, security, and social benefits it brings – building momentum on implementation efforts that contribute to achieving the goals of the Paris Agreement.

Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry will host major financial players and philanthropists for the special event, convened as part of President Biden’s visit to the UK, before participants travel to Windsor Castle to speak to His Majesty The King and the President about the conclusions of the discussion.

It is estimated that by 2030 annual clean energy investment in these countries needs to expand by more than seven times, to above $1 trillion, in order to put the world on track to reach net-zero emissions by 2050. And that is for clean energy alone; additional investments are needed to reduce non-CO2 emissions, halt deforestation and reverse forest loss, and adapt and build resilience to climate change.

Energy Security Secretary Grant Shapps said:

Finance is the lifeblood of growing economies. Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its £11.6 billion of International Climate Finance to support countries around the world – but if we want to deliver real change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending.

Today is about uniting with our US allies and key enablers, using this world-leading expertise for the benefit of not just our own economies but those that will be most affected by climate change impacts – updating The King and President on what we’re doing to set us all on a path to net zero and greater climate resilience by unlocking private investment.

Building on the US-UK Atlantic Declaration, today isn’t just about cutting emissions, it’s also supporting countries to achieve a secure, cheaper and home-grown energy system – to grow their economy and create jobs.

US Special Presidential Envoy for Climate John Kerry said:

The climate crisis is here. It’s caused by the unabated burning of fossil fuels, and it’s going to get worse without action.  No government can solve this crisis by itself.  We need to work together with the private sector and philanthropy to speed up the net zero, resilient transition.

One important outcome of today’s event will be the ideas and potential collaborations that are seeded and the tangible action and ways private finance and philanthropies can collaborate to accelerate action on the road to COP28.

Since day one, President Biden has taken decisive action to mobilize an unprecedented effort to tackle the climate crisis, and that work continues today in partnership with the UK to raise ambition through concerted action between the public, private, and philanthropic sectors.

Currently emerging markets and developing economies account for two-thirds of global greenhouse gas emissions, and many are highly vulnerable to climate hazards. These economies are crucial for tackling climate change and halting nature’s decline, as well as being key partners for the UK and US in generating shared prosperity from the global transition.

The UK and US can capture a huge economic opportunity by supporting the global transition, whilst building closer relationships with high growth emerging markets and developing economies as they seek to meet their own financing needs.

Following Putin’s barbaric attack on Ukraine, governments are redoubling efforts not only to keep 1.5C alive, but boost cleaner, more secure and cheaper energy that moves away from costly fossil fuels.

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

London Tech Week will see Energy Security Secretary Grant Shapps announce £4.3 million government funding to develop cutting-edge technology.