UK to stop support for fossil fuel energy plans abroad: Prime Minister Boris Johnson has made a promise to put a halt to taxpayer support for fossil fuel energy projects overseas “as soon as possible”.
He made the announcement at the weekend as he commenced the virtual Climate Ambition Summit which was co-hosted with the UN & France and in cooperation with Italy and Chile. They brought together 75 world leaders including businesses and civil society to make firm new commitments to tackle climate change in advance of COP26.
The latest policy guarantee will see the UK stop export finance, aid funding & trade advancement for new crude oil, natural gas & thermal coal projects, with “very limited exceptions” and speed up the shift to assist in green technologies and renewable energy schemes.
Throughout the past four years, the government has assisted £21 billion of UK oil and gas exports by way of trade promotion & export finance.
The government will now work with the UK’s oil & gas sector to help in the shift to low carbon energy sources as a result of the North Sea Transition Deal, securing areas like the Teesside and Aberdeen can become global nerve centres for wind energy, carbon capture as well as other clean technologies of the future.As we today host the Climate Ambition Summit, I’m pleased to announce the UK will be ending taxpayer support for fossil fuel projects overseas.
Boris Johnson (@BorisJohnson) tweeted on December 12, 2020 ‘By taking decisive #ClimateAction now, we will create the jobs of the future, drive the recovery from COVID & protect our planet.’
Mr Johnson stated: “Climate change is one of the great global challenges of our age, and it is already costing lives and livelihoods the world over. Our actions as leaders must be driven not by timidity or caution but by ambition on a truly grand scale.
“That is why the UK recently led the way with a bold new commitment to reduce emissions by at least 68% by 2030 and why I’m pleased to say today that the UK will end taxpayer support for fossil fuel projects overseas as soon as possible.
“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.”
A government consultation has been initiated with industry and other stakeholders about the implementation and effects of the new policy on stopping support for fossil fuels, to advise the North Sea Transition Deal.
The consultation is predicted to end by 8th February 2021.
The UK has also proposed an ‘Adaptation Communication’ to the UN, laying out what the government is doing to assist vulnerable countries adjust and become more fexible to the threat of climate change.
The government says UK Export Finance (UKEF) will proceed to consider applications for help in the oil & gas sector whilst the consultation is continuous and has already ramped up its support for the renewable energy sector.
UK to stop support for fossil fuel energy plans abroad