The Prime Minister of the US launched a major funding package known as COP26 in November 2021 for supporting the ongoing sustainable green technology and infrastructure. This is aimed at tackling climate change and boosting associated economic growth. The funding also kickstarted the UK’s CGI or Clean Green Initiative which aimed at scaling up private as well as public investment in terms of quality. The funding was decided upon at a round table conference inclusive of leaders from the US, India, and 24 other countries. The main focus behind this initiative was:
- Importance of offering climate finance for Global development
- Establishing green technologies for improving climate crisis
- Weee directive planning and implementation
UK’s Contribution to The Clean Green Initiative
For supporting the CGI, the UK aims at delivering over £3 billion in climate financing over a span of 5 years. The country also contributed £200 million for a new facility for Climate Innovation. This would help in scaling up technologies for helping communities to deal with the severe impacts due to climate change like sustainable forestry and agriculture unaffected by drought. This would be delivered by CDC along with the private sector.
Private Infrastructure Development Group
The PIDG backed by the UK has also committed over £210 million in newer investments for backing up this environmental project. The financing would also benefit schemes like e-vehicle manufacturing in India, Solar power in Burkina, Pakistan, Chad, Faso, and Nepal, and Vietnamese Green Bonds. These projects are expected to muster due to finances worth £470 million by the private sector. The UK has also announced multiple guarantees for multilateral banks that would help to boost investments in climatic projects in Africa, and India. A room to run guarantee to the AfDB or African Development Bank is also expected for unlocking over £1.45 billion worth of financial projects across Africa. Half of the amount was dedicated to helping countries adapt to the climate change impacts and generate clean drinking water free of life-threatening pollutants. The India Green Guarantee is also provided to the World Bank for unlocking £750 million for green projects in India. This amount is dedicated to supporting resilient, green infrastructure in sectors like transportation, urban development, and clean energy.
What Does Boris Johnson Say About This?
The UK’s Prime Minister Boris Johnson mentioned that the climate has been a major victim of economic progress and growth which should be opposed. He mentioned that through CGI, he aims to build a greener planet for future sustainability. The Prime Minister also addressed the world leaders and asked for their contribution to the responsibility of building a sustainable ecosystem. He was also a part of the Solidarity Round table conference in 2021.
Conclusion
The UK government has announced the clean green project to boost the efforts for creating jobs, building a sustainable environment, driving productivity, and tackling climate change. Over 1000 projects across the UK have received funding of up to GBP 175k each. These would support developing technologies for massive offshore wind turbines, reduction of waste in the brewing industry, and working on biorefineries which would turn seaweed into compostable packing products and food.
