Funding for foreign fossil fuel projects will end ‘as soon as possible’,
The Prime Minister wants to stop promoting new crude oil, natural gas and thermal coal schemes, with ‘very limited exceptions’.
He described the move – designed to support the transition to low-carbon and renewable energy sources – as ‘ambition on a truly grand scale’.
It is a significant change as in the last four years the Government has supported £21billion of UK oil and gas exports.
Funding for foreign fossil fuel projects will end ‘as soon as possible’, Boris Johnson will promise today.
Attention will instead be given to supporting green technology, as well as creating new jobs in the UK. The policy is intended to come into force before the UN Climate Change Conference which will be held in Glasgow next year.
The Government has said it will work with areas such as Teesside and Aberdeen to ensure they become global hubs for wind energy and other ‘clean technologies of the future’.
Mr Johnson will make the announcement today as the UK co-hosts the Climate Ambition Summit with the UN and France. The meeting will bring together 75 world leaders as well as businesses to make new commitments to tackle climate change.
Attention will instead be given to supporting green technology, as well as creating new jobs in the UK
Speaking ahead of the summit, Mr 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.
‘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 per cent 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.’
Shadow business secretary Ed Miliband said it was right the Government was stopping ‘funnelling billions into fossil fuels projects overseas’, which it had done while failing to invest properly in a green recovery and cutting overseas aid.
Shadow business secretary Ed Miliband said it was right the Government was stopping ‘funnelling billions into fossil fuels projects overseas’
He said: ‘Ending our hypocritical position on fossil fuels financing is a basic prerequisite for being a credible host of Cop26.
‘Now ministers need to concentrate on an ambitious agreement in Glasgow which meets the goals of the Paris Accord to limit global warming to 1.5C.’
Doug Parr, policy director at Greenpeace UK, said calling time on financing fossil fuel projects was a welcome move.
He said: ‘With an end to financing oil and gas projects overseas we must now see efforts moved rapidly towards supporting nations make the switch to renewable energy.
‘In ending support to fossil fuel extraction abroad, the Government must now build on its commitments to take further global leadership by beginning a managed transition away from oil and gas production in the UK and North Sea, whilst supporting workers affected to make the switch to good green jobs.’
A £3,300 pay rise for MPs was scrapped yesterday as officials admitted it would ‘not reflect the reality’ the public is facing due to the coronavirus crisis. Richard Lloyd, chairman of the Independent Parliamentary Standards Authority, which made the controversial recommendation in October, wrote to MPs to say their salaries would instead remain frozen for the next financial year.