In less than a month, Latin America and the Caribbean Climate Week (LACCW 2022) will open in Santo Domingo, marking a return to in-person climate weeks in the region.
World leaders join UK’s Glasgow Breakthroughs to speed up affordable clean tech worldwide
The UK Prime Minister is launching an international plan to deliver clean and affordable technology everywhere by 2030 at COP26 today [Tuesday].
Over 40 world leaders have backed and signed up to the new Breakthrough Agenda, including the US, India, EU, China, developing economies and some of the countries most vulnerable to climate change – representing more than 70% of the world’s economy and every region.
Modelled on the UK’s landmark Net Zero Strategy, the Breakthrough Agenda will see countries and businesses coordinate and strengthen their climate action each year to dramatically scale and speed up the development and deployment of clean technologies and drive down costs this decade.
The aim is to make clean technologies the most affordable, accessible and attractive choice for all globally in each of the most polluting sectors by 2030, particularly supporting the developing world to access the innovation and tools needed to transition to net zero.
Prime Minister Boris Johnson is setting out the first five goals, the Glasgow Breakthroughs, collectively covering more than 50% of global emissions:
- Power: Clean power is the most affordable and reliable option for all countries to meet their power needs efficiently by 2030.
- Road Transport: Zero emission vehicles are the new normal and accessible, affordable, and sustainable in all regions by 2030.
- Steel: Near-zero emission steel is the preferred choice in global markets, with efficient use and near-zero emission steel production established and growing in every region by 2030.
- Hydrogen: Affordable renewable and low carbon hydrogen is globally available by 2030.
- Agriculture: Climate-resilient, sustainable agriculture is the most attractive and widely adopted option for farmers everywhere by 2030.
The plan will see countries and businesses work closely through a range of leading international initiatives to accelerate innovation and scale up green industries – this includes, for example, stimulating green investment through strong signals to industry about the future economy, aligning policies and standards, joining up R&D efforts, coordinating public investments and mobilising private finance particularly for developing nations.
Delivering the first five breakthroughs could create 20 million new jobs globally and add over $16 trillion across both emerging and advanced economies.
This comes as the PM hosts world leaders on the second day of the COP26 World Leaders Summit at a session on clean innovation and technology.
UK Prime Minister Boris Johnson said:“By making clean technology the most affordable, accessible and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world.
“The Glasgow Breakthroughs will turbocharge this forward, so that by 2030 clean technologies can be enjoyed everywhere, not only reducing emissions but also creating more jobs and greater prosperity.”
The Glasgow Breakthroughs will drive forward global progress to halving emissions by 2030, which is crucial to keeping the limit to temperatures rises to 1.5C within reach, and will support the UK Presidency’s key aims to secure global action on phasing out coal and accelerating the transition to electric vehicles.
Leaders will also commit to discuss global progress every year in each sector starting in 2022 – supported by annual reports led by the International Energy Agency in collaboration with the International Renewable Energy Agency and UN High Level Champions – with annual discussions of Ministers across government convened around the Mission Innovation and Clean Energy Ministerials. This ‘Global Checkpoint Process’ will seek to sustain and continually strengthen international cooperation across the agenda throughout this decade.
At the event today, world leaders, CEOs and philanthropists are also expected to launch a series of new initiatives in support of the Glasgow Breakthroughs, including:
- The launch of the UK-India led Green Grids Initiative – One Sun One World One Grid, endorsed by over 80 countries, to mobilise political will, finance and technical assistance needed to interconnect continents, countries and communities to the very best renewable sources of power globally to ensure no one is left without access to clean energy.
- The launch of the Global Energy Alliance for People & Planet with an initial $10 billion of funding from philanthropies and development banks to support energy access and the clean energy transition in the Global South, in strategic partnership with the UK-led Energy Transition Council.
- AIM4C, a new initiative led by US and UAE, with over 30 supporting countries, committed to accelerating innovation in sustainable agriculture, having already garnered $4 billion in increased investment in climate-smart agriculture and food systems innovation, including $1bn from the US.
- The Breakthrough Energy Catalyst programme aiming to raise $3bn in concessional capital to catalyse up to $30bn of investments in bringing down clean technology costs and creating markets for green products for green hydrogen, Direct Air Capture, long-duration energy storage and sustainable aviation fuel including £200m of UK support.
- The First Movers Coalition, a US-led buyers club of 25 major global companies making purchasing commitments to help commercialise key emerging clean technologies across sectors like steel, trucking, shipping, aviation, aluminium, concrete, chemicals, and direct air capture.
UN High-Level Climate Champions for COP25 and COP26, Gonzalo Munoz and Nigel Topping, who have been supporting the Breakthrough Agenda by driving ambitious action among the non-state actor community action and leading private sector initiatives, said:
“With key private sector actors mobilizing behind the breakthroughs necessary to achieve a net-zero world in time and world leaders signing up to the Breakthrough Agenda, governments across the world will help dramatically scale and speed up the race to zero emissions and deliver the promise of the Paris Agreement.
“This is what the future of COP is all about – catalysing an innovative ambition loop between political leadership and the dynamism of the private sector to drive towards a resilient, prosperous zero carbon future.”
Through the Net Zero strategy, the UK is leading the way in transforming these industries internationally and helping bringing down the costs of these technologies through billions of pounds of investment.
The UK’s and other countries’ investment and growth in green industries has proven costs can fall – for example by around 60% in offshore wind and around 90% in battery technology for electric vehicles in the decade to 2020. Replicating this around the world will be crucial to helping halve global emissions by 2030.
In support of this agenda, the Prime Minister yesterday launched the ‘Clean Green Initiative’ at COP26, a major funding package of £3 billion in investments and guarantees to support the rollout of sustainable infrastructure and revolutionary green technology in developing countries, helping to tackle climate change and boost economic growth.
The UK has also doubled its international climate finance of £11.6 billion over five years, with an extra £1bn in 2025 if the economy grows as forecast, supporting developing nations to access clean technology and build green infrastructure.
Giving importance to sustainability is essential to meet investor pressure, consumer demand, regulatory requirements, talent acquisition and ensure increased productivity, explains Talal Rafi, Deloitte Climate and Sustainability Consultant.
This week’s Bonn Climate Conference provided an opportunity to take stock of real economy action and workshop how non-State actors can help address loss and damage.
Deloitte Climate and Sustainability Consultant, Talal Rafi, explains why with increasing support for environmental sustainability, green investments and climate innovation, key sectors can decarbonize and move towards a net zero.