In the last 4 years UK taxpayers have supported £21 billion of oil & gas exports through trade promotion and export finance, which provides financing to UK businesses selling goods and services overseas. The Government said it would work with the UK’s oil & gas industry to support the move to low carbon energy sources, through a North Sea transition deal that hopes to turn areas such as Teesside and Aberdeen into hubs for offshore wind and other carbon-cutting technologies.
Ending fossil fuel backing aims to speed up the shift to supporting green technology and renewable energy, and create UK jobs. The announcement comes ahead of a summit co-hosted by the UN, UK and France to mark 5 years since the Paris Agreement – the world’s 1st comprehensive treaty on tackling climate change – was secured in Paris.
Johnson said action by leaders must be driven “by ambition on a truly grand scale” to tackle the challenge of climate change. At least 75 world leaders, including Canada’s Trudeau and India’s Modi will address the online event, alongside the UN secretary general, businesses such as Apple, and city mayors.
The UK, submitting its 1st national plan outside of the EU, has already committed to cutting its greenhouse gas emissions by at least 68% on 1990 levels by 2030, on the way to reducing pollution to “net zero” by mid-century.
Johnson said: “Climate change is one of the great global challenges of our age and it is already costing lives and livelihoods the world over. By taking ambitious and decisive action today, we will create the jobs of the future, drive the recovery from coronavirus and protect our beautiful planet for generations to come.”
