He said, “Emissions reductions through investment in renewable energy is certainly a central feature of this approach. But, even as we increase renewable energy’s share of global demand, carbon will remain a fixture of the energy mix for many years to come. This means that billions of tonnes of carbon will need to be removed and sequestered each year if we are to arrive at net zero and limit warming to 1.5 degrees Celsius.

“While the Kingdom of Bahrain is responsible for just 0.07pc of global emissions, we recognise, not least as an island nation, that climate change is a global challenge that requires global solutions.”

Last month, Bahrain’s oil and gas minister Sheikh Mohammed bin Khalifa Al Khalifa said that the world needs to find a balance between advancing net-zero targets and investing in hydrocarbons to support the global economy.

He told the media, “Energy is the most important commodity for human development. People can’t do without it. Under risk, we see that the costs are going to be high, we’re going to be hit by the economic cycle of low investments and high prices.”

The post Bahrain to cut 30% emission by 2035, vows net-zero emissions by 2060 appeared first on International Finance.

During the conference, UK Prime Minister Boris Johnson said, “I want to see the UK’s green industrial revolution go global. The pace of change on clean technology and infrastructure is incredible, but no country should be left behind in the race to save our planet.”

“The climate has often been a silent victim of economic growth and progress, but the opposite should now be true. Through the clean green initiative, we can help to build back better and greener from the pandemic and put the world on the path to a more sustainable future.”

Last month, an Onward report said that the UK is lagging behind other countries in developing green technologies to achieve net-zero carbon emissions by 2050. The report further revealed that UK’s carbon-intensive sectors like transport and construction are failing to invest enough in green innovation when compared to the likes of Germany or China.

In this regard, Tory ex-Cabinet minister Dame Caroline Spelman told the media, “Industries and regions are moving at a wide range of speeds towards net-zero; the critical differentiator to a more sustainable economy will be a clear focus on accelerating innovation in net-zero solutions.”

The post UK announces £3 bn for greentech during COP26 summit appeared first on International Finance.