UK and US: Energy Security Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry host a forum to mobilise climate finance for developing economies
Energy Security Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry convened a Climate Finance Mobilisation Forum in Windsor, bringing together top financiers and philanthropists.
Climate finance mobilisation to support developing economies by the UK and US
The forum aims to recognise and encourage efforts that increase support for emerging and developing economies in their transition to a net zero and resilient future.
Tackling Climate change: Financial players and philanthropists unite
The special event, hosted by Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry, involves major financial players and philanthropists.
The forum takes place as part of President Biden’s visit to the UK, with participants later meeting His Majesty The King and the President at Windsor Castle to discuss the outcomes of the discussion.
Urgent need for clean energy investment in developing countries
To put the world on track for achieving net zero emissions by 2050, it is estimated that annual clean energy investments in developing countries must increase by over seven times, surpassing $1 trillion by 2030.
This figure solely accounts for clean energy investments, with additional funding required to address non-CO2 emissions, deforestation, forest loss, and climate change adaptation.
Uniting to achieve net zero and greater climate resilience
Energy Security Secretary Grant Shapps emphasised the significance of finance in growing economies and the need to surpass current efforts. The UK is already delivering £11.6 billion of International Climate Finance to support countries globally, but a more extraordinary collective endeavour is necessary.
The scale of the transition requires trillions in private investments alongside public funds.
US Special Presidential Envoy for Climate John Kerry highlighted the urgency of the climate crisis, emphasising the need for collaboration between governments, the private sector, and philanthropy.
The event aims to generate ideas, partnerships, and actionable steps for accelerating the net zero transition.
Developing economies and global greenhouse gas emissions
Emerging markets and developing economies currently contribute two-thirds of global greenhouse gas emissions and face heightened vulnerability to climate hazards.
Supporting these economies presents an economic opportunity for the UK and the US while fostering stronger relationships and shared prosperity.
