Grant Shapps has announced a £65mln investment into green technologies as part of the Breakthrough Agenda at COP27, aimed at decarbonising sectors such as power, road transport, steel, hydrogen and agriculture by 2030.
As part of a coalition of governments, representing over half of the global GDP, a funding window will open in 2023 to aid the development of new green technologies.
Ultimately, the funding will see industries in some of the world’s poorest countries gain access to these technologies.
Due to varying regulatory and technological standards in developing countries, where heavy industry has largely shifted, the government said funding for transition projects is especially important with industry anticipated to become the leading cause of emissions within a decade.
It also referenced Britain's leading position in tackling climate change, giving it “an advantage over other countries in delivering jobs, growth and investment in the UK”.
Shapps added: “Green means growth, and with our existing talents in clean technologies, UK businesses could be world leaders in an industry that will only expand.”
As well as this, prime minister Rishi Sunak announced £65.5mln on Monday for the Clean Energy Innovation Facility, aimed at aiding the development of clean energy technologies in developing countries.