PM announces new UK emissions target
Prime Minister Keir Starmer announces the UK's aim to reduce greenhouse gas emissions from 1990 levels by 81% by 2035 at COP29.
At COP29 in Baku, Azerbaijan, the Prime Minister declared his Government's intention to commit to emissions-reduction goal, through both a new emissions target for 2035 and support for developing countries to develop their own committments.
In context of the soon-to-be launched Global Clean Power Alliance - an alliance of countries to unlock private finances for the clean energy transition - Starmer also announced a £1bln windfarm turbine contract to Siemens Gamesa, as part for their £24bln investment into British energy projects.
He said this would support 1,300 local jobs around Hull and produce enough clean energy to power a million homes.
Starmer also spoke of the Clean Industry Bonus Scheme to support offshore wind developers and invest in cutting-edge manufacturing and ports.
Also announced today, the CIF Capital Market Mechanism on the London Stock Exchange would have the potential to mobilise up to US$75bln in additional climate capital for developing countries over the next decade.
Starmer also referenced 11 green hydrogen projects in last month's Budget, and recent funding for carbon capture utilisation and storage projects to create 4,000 new jobs using oil and gas skills.
Of his government's first 100 days in power, he commented, 'We closed the UK’s final coal power plant at the end of September - becoming the very first G7 economy to phase-out coal power. And at the same time – we are on a mission to achieve clean power by 2030.'
He also referenced scrapping the ban on onshore wind, committing to no new North Sea oil and gas licences and their intention to find new jobs for those in that sector.
In his speech to the COP, Starmer also mentioned Great British Energy and the National Wealth Fund to build the renewable energy and grid infrastructure that will be needed.
'Because make no mistake - the race is on for the clean-energy jobs of the future….' Starmer enthused, 'The economy of tomorrow – And I don’t want to be in middle of the pack…I want to get ahead of the game.'
