Tag: Foreign Office

  • PRESS RELEASE : New UK High Commissioner to Solomon Islands presents credentials [February 2025]

    PRESS RELEASE : New UK High Commissioner to Solomon Islands presents credentials [February 2025]

    The press release issued by the Foreign Office on 6 February 2025.

    Paul Turner was appointed British High Commissioner to Solomon Islands and Nauru in July 2024.

    His Majesty’s new High Commissioner to Solomon Islands and non-resident High Commissioner to the Republic of Nauru, His Excellency Paul Robert Turner presented his credentials this week to the Prime Minister of Solomon Islands, Hon. Jeremiah Manele.

    Paul Turner was appointed British High Commissioner to Solomon Islands and Nauru in July 2024. Paul’s experience covers the UK Government and international organisations, including the World Bank, African Development Bank and the European Union.

    With the UK Department for International Development (DFID), Paul oversaw economic and trade portfolios in East and Southern Africa as well as in China. More recently, he worked for the World Bank in Uganda.

    Paul has also led development teams in a range of fragile states including Afghanistan and the Western Balkans. Earlier in his career, he was private secretary to Ministers in DFID and the Home Office.

    Acknowledging the bilateral relations between the two countries, Prime Minister Manele said UK is one of the first countries to forge ties with Solomon Islands since 1978. He also provided an overview of his government’s priorities including education, health, climate change and trade.

    In response, High Commissioner Paul Turner said that his mission was to expand bilateral relations between the two countries and be a key partner of the Government of Solomon Islands in addressing the impact of climate change.

    The High Commissioner said he was keen to explore opportunities in a number of economic sectors, especially the local cocoa industry and affirmed that one of his personal goals is to produce tangible outcomes in the sector during his time in office.

    The High Commissioner is the UK Government’s representative in a Commonwealth nation. They are responsible for the direction and work of the High Commission and its Deputy High Commissions and/or Consulates, including political work, trade and investment, press and cultural relations, and visa and consular services.

  • PRESS RELEASE : Reports of Russia’s treatment of Ukrainian prisoners of war are deeply concerning – UK statement to the OSCE [February 2025]

    PRESS RELEASE : Reports of Russia’s treatment of Ukrainian prisoners of war are deeply concerning – UK statement to the OSCE [February 2025]

    The press release issued by the Foreign Office on 6 February 2025.

    Deputy Ambassador Brown condemns the Russian state’s reported systematic torture, abuse, and execution of Ukrainian prisoners of war.

    Thank you, Madam Chair and good afternoon colleagues.  On behalf of the UK Delegation I would like to offer a warm welcome to the new Ukraine ambassador.  Please be assured of our continued support to you, Viktoria and to your exceptional team.

    Since the full-scale invasion of Ukraine, overwhelming evidence from international bodies, human rights organisations, and independent investigations demonstrates that Russia continues to disregard international law. The UK unequivocally condemns the Russian state’s reported systematic torture, abuse, and execution of Ukrainian prisoners of war.

    The UN Commission of Inquiry has concluded that Russia’s use of torture against POWs and civilian detainees amounts to crimes against humanity. Their reports outline how Russian forces have subjected Ukrainian POWs to brutal beatings, burns and electric shocks amplified by water. Additionally, they detail how Ukrainian POWs are forced to endure sexual violence, including rape, attacks on genitals, and threats of mutilation, castration, and sterilisation. In ODIHR’s latest report on Ukraine, all the Ukrainian former POWs interviewed reported severe and routine torture during their internment, supporting ODIHR’s analysis that the torture of both POWs and civilians by the Russian state is widespread and systematic.

    Furthermore, ODIHR documented that Ukrainian POWs are held in overcrowded, unsanitary conditions, and deprived of adequate food, water, and medical care. Such neglect, aimed at breaking the spirit of those already disarmed and vulnerable, is a direct affront to human dignity.

    Additionally, the Ukrainian Prosecutor-General’s Office reports that 147 Ukrainian POWs have been executed by Russian forces since the start of the full-scale invasion.

    And this week the UN Human Rights Monitoring Mission in Ukraine raised serious concerns over a sharp increase in executions of captured Ukrainian soldiers by Russian forces. Since August 2024, the Mission documented 79 executions across 24 incidents, with many cases involving soldiers who had surrendered or were otherwise in Russian custody, including instances where unarmed and injured personnel were shot dead on the spot.

    Madam Chair, these are not isolated incidents. The testimonies gathered by the UN Commission of Inquiry highlight deliberate and systematic practices; and find a coordinated state policy of cruelty and impunity that underscores the Russian state’s complete disregard for international norms. The Geneva Conventions are clear: POWs must be treated humanely. Reporting from the UN and ODIHR outlines how Russia has not only failed in this obligation—it has systematically violated it.

    The UK demands an immediate end to all atrocities and calls for independent investigations to hold all perpetrators accountable; from those carrying out abuses to those ordering them. Alongside our international partners, we will ensure that those responsible—at all levels of the Russian state—face justice.

    The protection of prisoners of war is not optional; it is an absolute and binding requirement of international law.  The UK demands that the Russian state ensures the humane treatment of all those in detention and grants the ICRC unimpeded access to places of detention, in line with the Geneva Conventions.

    The UK welcomes the latest prisoner exchange between Ukraine and Russia facilitated by the United Arab Emirates. We continue to call on Russia to comply with International Humanitarian Law and not exploit prisoners of war and civilian detainees for political purposes. All those arbitrarily detained must be released, including our colleagues: the three Special Monitoring Mission members. We continue to call for their release.

    The UK stands in full solidarity with Ukraine and reaffirms our commitment to ensuring justice for victims and survivors. The evidence is overwhelming. The time for accountability is now. Thank you, Madam Chair.

  • PRESS RELEASE : The UK calls on the transitional South Sudan government to ensure credible elections in 2026 – UK statement at the UN Security Council [February 2025]

    PRESS RELEASE : The UK calls on the transitional South Sudan government to ensure credible elections in 2026 – UK statement at the UN Security Council [February 2025]

    The press release issued by the Foreign Office on 5 February 2025.

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on South Sudan.

    Let me start by expressing concern regarding the attacks on civilians, including South Sudanese, in Wad Madani in Sudan between 11 and 15 January and the subsequent unrest in South Sudan on 16-17 January.

    Second, as we’ve heard today, the humanitarian situation in South Sudan is desperate.

    Over one million displaced people have now arrived from Sudan into South Sudan since the outbreak of the conflict.

    The United Kingdom recognises the significant impact of the Sudan crisis on the region and welcomes South Sudan’s commitment to welcoming and supporting those fleeing the conflict.

    We commend UNMISS’s facilitation of humanitarian efforts, noting that significant challenges lie ahead in 2025.

    The UK will continue to support South Sudan and we have increased our humanitarian support to Sudan’s neighbours.

    Third, President, as we have heard today, the political situation in South Sudan remains precarious.

    The United Kingdom is concerned by continued restrictions to political and civic space in the country and by the lack of progress towards unification of the security forces.

    Progress on this is critical to create the conditions for sustainable peace and elections.

    The Transitional Government of South Sudan has not yet produced their promised work plan to deliver elections in 2026.

    Without renewed efforts, progress towards peaceful, inclusive and credible elections risks falling further behind schedule.

    We welcome UNMISS’s work to build capacity and capability for South Sudan’s electoral institutions.

    And we repeat our call on the Transitional Government to match these efforts to provide adequate funding for elections and to pay the salaries of public servants including the security forces.

    In conclusion, President, we call on the Transitional Government of South Sudan to publish a credible elections preparations work plan and then take the necessary steps towards holding peaceful, inclusive and credible elections in line with the new 2026 timeline.

  • PRESS RELEASE : InnovateUkraine opens second round of investment for clean energy projects [February 2025]

    PRESS RELEASE : InnovateUkraine opens second round of investment for clean energy projects [February 2025]

    The press release issued by the Foreign Office on 5 February 2025.

    Additional £17m will foster UK-Ukraine collaboration in the clean energy field.

    • InnovateUkraine’s second round will focus on low-carbon solutions to boost Ukraine’s energy resilience
    • First InnovateUkraine cohort preparing for demonstration and accelerator stage

    The UK will invest £17 million in innovative energy projects to support the recovery and future sustainability of Ukraine’s energy system. The funding announced during the visit of Foreign Secretary David Lammy to Kyiv will support the second round of the InnovateUkraine competition, a challenge fund to pilot low-carbon solutions tailored to Ukraine’s energy needs.

    The second round of InnovateUkraine will spur innovative collaborations between British, Ukrainian and international businesses and research institutions, to develop the scalable and sustainable energy innovations of the future.

    InnovateUkraine 2 will focus on the following technologies:

    • Smart green grids
    • Renewable generation
    • Renewable heat
    • Green fuels
    • Low-carbon buildings and homes
    • Industrial decarbonisation
    • Repurposing existing energy infrastructure

    The British Ambassador to Ukraine, Martin Harris said:

    I am proud that the UK is further increasing its funding to the Ukrainian energy sector. This latest contribution underpins our commitments under the 100-Year Partnership, signed by the Prime Minister and President Zelenskyy in January.

    These projects, led jointly by British and Ukrainian business, universities, and civil society, will help both our countries develop clean and sustainable energy solutions for the future.

    InnovateUkraine is a showcase for the forward-looking partnership between our countries. The UK is standing shoulder-to-shoulder with Ukraine for the next century.

    Applications for InnovateUkraine Round 2 will open in mid-March 2025. Once they have undergone screening, successful projects will run for 24 months from late 2025. The teams will receive support and guidance from an accelerator programme, to help with attracting further investment.

    InnovateUkraine’s first cohort of projects is already transforming the lives of the Ukrainian people by creating reliable and novel methods of heating and powering buildings, as well as fuelling the imagination of the next generation of scientists and innovators.

    These projects include: a new, locally manufacturable battery storage technology which potentially undercuts and outperforms existing technologies; a technology which allows the upcycling of waste concrete to dramatically reduce the embodied emissions of new buildings and structures; and a new tool to make production of geothermal energy in Ukraine more efficient and ripe for investment.

    To find out more about the scope and eligibility requirements, please visit: www.innovateukraine.io

  • PRESS RELEASE : Ukraine has every right to determine its own future – UK Statement to the OSCE [February 2025]

    PRESS RELEASE : Ukraine has every right to determine its own future – UK Statement to the OSCE [February 2025]

    The press release issued by the Foreign Office on 5 February 2025.

    UK Military Advisor, Joby Rimmer, says Russia’s war of aggression has achieved little except the catastrophic loss of life, the loss of Russia’s military credibility, and the loss of Russia’s international reputation.

    Thank you, Mr Chair. Sadly, we have started this year like the last, and the overwhelming concern of this forum remains: Russia’s ongoing war of aggression against Ukraine. The UK remains resolutely committed to supporting the people of Ukraine as they defend their homeland. Since the start of the full-scale invasion, the UK has provided over £3 billion per year in military, humanitarian and financial assistance, and this support will continue for as long as necessary to ensure Ukraine’s sovereignty and territorial integrity are fully restored.

    What has Russia accomplished so far? Russia’s full-scale invasion has been nothing short of a disaster. The Russian state’s bold assertion that the subjugation of Ukraine would be accomplished within a matter of days was made almost three years ago. Having failed in pursuit of its own strategic aims, the campaign has achieved little except the catastrophic loss of life on both sides, the loss of Russia’s military credibility, and the loss of Russia’s international reputation.

    The UN estimates that more than 12,000 Ukrainian civilians and some 43,000 Ukrainian soldiers have been killed as a direct result of Russian aggression. Independent reports suggest approximately 830,000 Russian casualties, a number that demonstrates President Putin’s disregard for his own countrymen sent to fight in a war they did not choose. On 29th January alone, the Russian military lost 1,670 men with Russian casualties for January averaging over 1,500 per day. At the current rate of loss, Russia will have suffered over 1 million casualties by June 2025. As Russian casualties mount, Russian recruitment in Moscow has reduced, with military recruitment currently at 40 personnel a day, five times lower than the Summer-Autumn 2024 average of 200 recruits a day. Half of these recruits are reportedly indebted Russians and foreign nationals. The direct participation of DPRK troops in combat operations is another dangerous expansion of Putin’s illegal war. Of the 11,000 DPRK troops deployed in Kursk, reporting indicates that 4,000 are already casualties, including 1,000 fatalities.

    What has Russia accomplished militarily? Reports from the region paint a stark image of Russian military mediocrity. Russia has reportedly now lost over 3,700 Main Battle Tanks, over 8,000 armoured vehicles and 1,800 pieces of artillery. Any marginal Russian gains around Donetsk, Toretsk and Pokrovsk have been extremely costly, with progress augmented through the cynical use of glide bombs, drone and missile attacks, causing widespread damage to local housing, medical facilities and critical infrastructure. Independent reports state that Russia launched over 1,250 aerial bombs and over 1,000 attack drones into Ukraine in the last week of January. Nearly all resulted in civilian casualties.

    Last week, the Ukrainian army’s general staff reported that Russian forces bombed a boarding school in an area of Kursk under Ukrainian control, where civilians were sheltering and preparing to evacuate. Four people were killed and dozens injured. Russia’s continued disregard for human life cannot, and will not, be overlooked.

    Russia is also suffering the cost to its international reputation. The war in Ukraine clearly violates the UN Charter and contravenes our shared commitments of the Helsinki Final Act – respecting sovereignty, territorial integrity and the non-use of force. This full-scale invasion is not just an illegal act that contravenes international law; it is a serious miscalculation and one that fundamentally represents loss; most appallingly, the loss of human life, the loss of Russia’s international reputation, and the loss of Russia’s military credibility.

    Finally, the UK remains firm in its belief that any path to peace must be grounded in a position of strength for Ukraine. Ukraine must not be coerced into peace talks under duress or pressure from the aggressor. Ukraine has every right to determine its future, and its right to self-determination must be upheld. The UK is proud to be a steadfast friend of Ukraine and will not rest until Ukraine achieves peace on its own terms – Russia must cease hostilities in Ukraine and remove its forces from Ukraine’s internationally recognised borders. Thank you, Mr Chair.

  • PRESS RELEASE : European Union and UK hold second Counter-Terrorism Dialogue in London [February 2025]

    PRESS RELEASE : European Union and UK hold second Counter-Terrorism Dialogue in London [February 2025]

    The press release issued by the Foreign Office on 4 February 2025.

    On 4 February 2025, the second EU-UK Counter-Terrorism Dialogue, established by the UK-EU Trade and Cooperation Agreement (TCA), took place in London.

    The United Kingdom (UK) and the European Union (EU) discussed a wide range of counter-terrorism issues, including assessments of the evolving terrorist threat landscape, and an exchange of best practice on the UK and EU response, in order to protect our citizens. This included continued cooperation through multilateral fora and with other third countries.

    The UK and EU also discussed strategic approaches to countering terrorism and a range of topics related to the identification of travellers of Counter-Terrorism concern, and technology, including responses to terrorist content online and emerging technologies.

    The UK and EU jointly welcomed the productive discussions and agreed to continue these important exchanges. Both sides underlined the strategic importance of the unique relationship between the European Union and the United Kingdom in addressing these challenges.

    They reaffirmed their mutual commitment to continue to strengthen cooperation on Counter-Terrorism, in line with our shared values and the agreement between the President of the European Commission and the Prime Minister of the United Kingdom to strengthen the relationship between the United Kingdom and the European Union.

    The UK delegation was chaired by Chloe Squires, Director General for Homeland Security and Jonathan Emmett, Director of Counter-Terrorism & Homeland Security Strategy in the Home Office, who were accompanied by officials from the Home Office, and the Foreign, Commonwealth and Development Office.

    On the EU side, the Dialogue was chaired by Maciej Stadejek, Deputy Managing Director for Security and Defence Policy, of the European External Action Service (EEAS). Representatives from the European Commission, including the Director Internal Security from the Directorate General for Migration and Home Affairs, Floriana Sipala, and the EU Counter-Terrorism Coordinator, Bartjan Wegter, also joined. The delegation included a representative from the Polish Presidency on behalf of EU Member States.

    The next Counter-Terrorism Dialogue will be held in Brussels.

  • PRESS RELEASE : Empowering women in business – Bangladeshi female entrepreneurs embark on a landmark trade mission to the UK [February 2025]

    PRESS RELEASE : Empowering women in business – Bangladeshi female entrepreneurs embark on a landmark trade mission to the UK [February 2025]

    The press release issued by the Foreign Office on 4 February 2025.

    Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the UK.

    A group of diverse and inspirational Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the United Kingdom in February 2025, with support from the UK Government SheTrades Programme. During the visit, they will be showcasing their businesses, meeting investors and exploring new opportunities.

    Their visit will involve high-level discussions with investors, legislators and corporate executives in the UK and promote cross-border trade between the two countries including under the UK’s Developing Countries Trading Scheme (DCTS). The DCTS is the UK’s generous preferential trading scheme which provides duty-free, quota-free trade to Bangladesh on everything but arms. The DCTS gives Bangladesh the opportunity to potentially save £317m in tariffs annually on the country’s exports to the UK, the highest among all countries eligible for DCTS.

    British High Commissioner to Bangladesh Sarah Cooke hosted a send-off reception at her residence on 3 February to congratulate the entrepreneurs ahead of their departure to the UK.

    The International Trade Centre is implementing this initiative to bring 50 women-led businesses from four Asian countries (Bangladesh, Nepal, Pakistan and Mongolia) and six African countries (Ghana, Nigeria, Rwanda, Kenya, Zimbabwe and Mozambique) to Manchester on 11 February to hold business-to-business (B2B) meetings with UK companies. Women-led companies in the fresh and processed food, textiles and clothing, handicrafts, beauty, information technology and business process outsourcing sectors will have one-on-one meetings with British buyers who want to diversify their supply chains and increase the competitiveness of their products.

    The businesses chosen from Bangladesh are TMSS ICT and Handicrafts, SuperTel, Opus Technology, Tarango Bangladesh, Parijat Bangladesh, TANIS Bangladesh and Leatherina. Five of these companies already possess the certification needed to enter the UK market and the remaining three are currently being supported by the British Standard Institute (BSI) with necessary accreditation.

    This Mission is hosted in partnership with the Greater Manchester Chamber of Commerce and financed by UK International Development as part of the SheTrades Commonwealth+ Programme. The London Chamber of Commerce & Industry, the Greater Birmingham Chambers of Commerce and the West & North Yorkshire Chamber of Commerce are also supporting the event.

    British High Commissioner to Bangladesh Sarah Cooke said:

    The UK government is incredibly proud to support this remarkable group of Bangladeshi women entrepreneurs to develop new markets in the UK. Their inventiveness, tenacity and spirit of entrepreneurship serve as evidence of the enormous potential of Bangladeshi women-led enterprises.

    As Bangladesh and the UK continue to expand our bilateral trade through the UK’s Developing Countries Trading Scheme (DCTS), the UK will remain a steadfast partner. This trade mission will further solidify our trade and investment relationship.

  • PRESS RELEASE : New UK Permanent Representative to NATO appointed [February 2025]

    PRESS RELEASE : New UK Permanent Representative to NATO appointed [February 2025]

    The press release issued by the Foreign Office on 4 February 2025.

    Mr Angus Lapsley CMG has been appointed as the UK’s next Permanent Representative to NATO.

    The NATO Alliance is made up of 32 countries in Europe and North America and keeps 1 billion people safe. It is the cornerstone of transatlantic security and key to underpinning prosperity at home and abroad.

    Mr Lapsley has more than 30 years of experience in the Civil Service, with relevant expertise from a variety of previous roles – including most recently as NATO’s Assistant Secretary General for Defence Policy and Planning.

    He is also a member of the Strategic Defence Review Team, advising the UK government as part of the root and branch review of UK defence and making sure Britain is secure for decades to come. Mr Lapsley will remain on the review team until the review is complete.

  • PRESS RELEASE : Human rights and democracy on the agenda as UK Human Rights Ambassador visits Bangladesh [February 2025]

    PRESS RELEASE : Human rights and democracy on the agenda as UK Human Rights Ambassador visits Bangladesh [February 2025]

    The press release issued by the Foreign Office on 3 February 2025.

    UK Human Rights Ambassador Eleanor Sanders is arriving in Dhaka for a three-day visit to hold meetings with the Interim Government, human rights defenders and other partners.

    The UK reiterates its commitment to supporting Bangladesh in upholding human rights and democracy as Human Rights Ambassador Eleanor Sanders arrives in Dhaka today.

    The UK has a long-standing commitment to the promotion and protection of human rights in Bangladesh and across the world. Since the formation of the Interim Government, the UK has supported the government’s agenda to restore law and order, ensure accountability and establish rule of law.

    During her three-day visit to Bangladesh, Human Rights Ambassador will discuss justice and accountability, human rights and fundamental freedoms with advisers and senior officials across government.

    She will pay a visit to the University of Dhaka to deliver a seminar on human rights and engage with students. During the seminar, the Ambassador and the students will discuss the importance of upholding fundamental freedoms including media freedom, freedom of religion or belief and ensuring the protection of minority groups.

    She will also visit Cox’s Bazar to oversee UK funded projects in the Rohingya refugee camps including food distribution, female health and education activities and LPG distribution.

    The Ambassador will also announce new UK funding for the Office of the United Nations High Commissioner for Human Rights (OHCHR) to strengthen accountability for human rights violations and abuses.

    Human Rights Ambassador Eleanor Sanders said:

    The UK strongly supports the Interim Government’s work to advance sustainable, long term reforms which are grounded in respect for human rights, as well as growth.

    Through my visit, we hope further to strengthen UK-Bangladesh collaboration on a range of priority issues such as accountability and justice, freedom of religion or belief, media freedom, gender equality and labour rights. We will also consolidate our multilateral partnership with Bangladesh – an important current member of the UN Human Rights Council.

    British High Commissioner to Bangladesh Sarah Cooke Said:

    I am pleased to welcome UK Human Rights Ambassador Eleanor Sanders to Bangladesh. This visit is another illustration of the UK’s deep friendship with Bangladesh and longstanding commitment to help create a more prosperous and democratic future for the people of Bangladesh.

  • PRESS RELEASE : New partnerships with financial sector to unlock growth in UK and overseas [February 2025]

    PRESS RELEASE : New partnerships with financial sector to unlock growth in UK and overseas [February 2025]

    The press release issued by the Foreign Office on 3 February 2025.

    UK Minister for Development announces funding and partnerships to deliver Sustainable Development Goals and domestic growth, in speech at London Stock Exchange.

    • Government to partner with UK financial sector to deliver on the Plan for Change by tackling climate change and driving growth at home.
    • Minister for Development Anneliese Dodds pays tribute to the UK financial services sector, which “powers jobs and growth across the UK”.
    • New funding and partnerships will unlock investment opportunities, as part of a new development approach supporting sustainable economic growth overseas.

    Efforts to address the climate crisis and boost growth in the Global South and at home will be enhanced under a partnership approach between the government and the UK financial sector, the UK’s Minister for Development Anneliese Dodds announced today (Monday 3 February).

    Speaking at the London Stock Exchange, Minister Dodds praised the “expertise, experience and dynamism” of the UK’s financial services sector, and pledged to put this expertise “at the heart of how we meet the opportunities and challenges of our time”, including accelerating delivery of the UN’s Sustainable Development Goals (SDGs). These seek to address global challenges, including poverty, inequality, and climate change, to achieve a better and more sustainable future for all, by 2030.

    Minister Dodds set out how investment in the Global South is an opportunity for UK financial services “to marry investment in the economies and technologies of the future, with the experience and expertise of the City of London”, adding that the government will hold up its end of the bargain by working internationally to reform the global financial system to provide greater opportunity and stability.

    Minister for Development Anneliese Dodds said:

    With businesses and the government working hand in hand to drive investment in the Global South, we can unlock growth, jobs, trade, investment, and pride in our economy overseas and here at home.

    This government is enabling the financial services sector to flourish and use its expertise and depth of capital to invest in the markets and technologies of the future.

    Through partnerships like this, we will deliver on the Plan for Change, drive domestic growth, and create a world free from poverty on a liveable planet.

    The Minister announced up to £100 million for the UK’s flagship public markets programme MOBILIST. This programme will provide businesses focused on delivering the SDGs with the anchor funding and expert advice they need to list on stock exchanges around the world, including in London, allowing them to attract significant sums of additional private investment.

    This is expected to generate between £400 million and £600 million of new investments in businesses across emerging markets in Asia, Africa, and Latin America. These investments will support economic growth, sustainable development, and climate action in local markets.

    She also celebrated the issuance of the first Climate Investment Fund (CIF) Capital Markets Mechanism (CCMM) bond last month, which raised $500 million (approximately £400 million) for energy and clean technology projects in low- and middle-income countries. The CCMM, launched by the Prime Minister at COP29, is a new financial mechanism to leverage future loan repayments by issuing bonds on capital markets.

    As today’s announcements demonstrate, this government’s modern approach to development focuses on harnessing the power of the private sector in mobilising the finance emerging markets need to grow. This will create future export markets for the UK and new overseas investment opportunities, supporting domestic growth and delivering on the government’s Plan for Change. It will also make the UK safer and more stable by tackling the drivers of conflict, climate crises and economic decline in partner countries.

    UK Climate Minister Kerry McCarthy said:

    This is a historic moment for tackling the climate crisis, with the first bond raising $500 million to accelerate the global clean energy transition and support the flow of climate finance to developing countries.

    Public finance alone cannot tackle the scale of this challenge, and this mechanism will help leverage the private finance needed to support those on the frontline of a changing climate.

    Its listing in the UK positions London as a green finance capital. By working with partners such as the World Bank the UK can drive the action needed to grow the economy and reap the rewards of net zero.

    Minister Dodds made the announcements during a speech to the UK financial sector, including pension funds, insurers, banks, and development finance organisations, after joining a market opening ceremony at the London Stock Exchange.

    Julia Hoggett, CEO of the London Stock Exchange, added:

    Flows of investment are vital to generating sustainable growth both in the UK and around the world. London’s capital markets have long played a leading role in driving flows of capital to where they need to go, and we welcome the focus on fuelling growth and supporting the just transition to net zero.

    As part of these efforts, we are proud to celebrate the listing of the Climate Investment Funds’ Capital Markets Mechanism on the London Stock Exchange. This pioneering bond issuance programme not only brings a new financing tool to our market but is facilitating critical investment in sustainable and clean assets.

    As part of the speech, the Minister also welcomed a first-of-its-kind report from UK institutional investors, co-led by Mercer, Aviva Investors and the Private Infrastructure Development Group (PIDG) and supported by the Institutional Investors Group on Climate Change (IIGCC), on scaling private capital for climate action in emerging markets, and announced a new taskforce to take its recommendations forward.

    The speech comes a week after British International Investment (BII), which is funded by the FCDO, launched a call for institutional investors to work with them to develop solutions that will boost the flow of private capital into emerging markets, which are often considered too risky by global investors, but can offer attractive investment opportunities for growth, diversification and impact for the climate transition.

    Tariye Gbadegesin, Chief Executive Officer, Climate Investment Funds, said:

    The UK has long recognized that to transform our energy systems at the scale and speed required, we must deploy public money smartly. That means putting climate finance to work where it’s most needed: investing in promising new technologies and enabling new clean energy markets, to spur private sector interest at scale.

    As a founding member of the Climate Investment Funds and a proud partner in the launch of our next-generation CIF Capital Markets Mechanism today, the UK is demonstrating its commitment to bold new models of public-private partnership for both people and planet.

    Benoit Hudon, Mercer’s UK President and CEO said:

    UK institutional investors, as part of the wider financial and professional services ecosystem are uniquely placed to help finance development projects in emerging markets and developing economies, which will also support UK growth. The report published today, co-led by Mercer, sets out a range of measures the UK Government and finance industry can take to secure the UK’s position as the world’s leading destination for transition finance.