Speaking at the COP27 negotiations in Egypt, UK Business Secretary Grant Shapps announced that the UK will invest over £65m to speed up the development of new green technologies.
The investment builds on the legacy of COP26 in Glasgow, where the UK founded the Breakthrough Agenda – a coalition formed to scale and speed up development and deployment of clean technologies.
According to BEIS, the measures will help expand a ‘whole global market’ in clean energy technologies, making them more accessible to developing countries while helping to meet Net Zero targets.
The pledge will go towards the world’s first large scale Industry Transition Programme, by the Climate Investment Funds, to support energy intensive industries in developing economies including India and Indonesia to go green.
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