International Finance

UK announces £3 bn for greentech during COP26 summit

UK Greentech-IFM-image
The £3 bn includes support for a new £200 mn Climate Innovation Facility

The UK has announced during the ongoing COP26 summit a £3 billion funding which will be released during the next five years to support the roll-out of sustainable infrastructure and new green technologies, media reports said. The £3 billion includes support for a new £200 million Climate Innovation Facility.

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.”

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