As world leaders gather for the UN General Assembly in New York, the UK’s Prime Minister, Boris Johnson, today announced that 30 per cent of our investments will be ringfenced for climate finance over the next five years. The Prime Minister also confirmed that all new investments will be aligned to the Paris Agreement, a commitment we made when we launched our Climate Change Strategy last year.
Our strategy aligns our activities and portfolio with the goals of the Paris Agreement in three key ways: investing for a net zero world, supporting a ‘just transition’ to a net zero economy, and strengthening adaptation and resilience of sectors, communities, businesses and people.
This new commitment is part of the UK’s contribution to the $100 billion global climate finance target and takes the country over and above its existing £11.6 billion commitment. It comes ahead of the COP26 Summit – the UN Climate Change Conference – which is being held in Glasgow in November of this year.