Ed Davey the UK Energy Secretary has announced that the UK will provide £1.5 billion of finance to assist the developing world to tackle climate change on his arrival in Doha at the United Nations negotiations (COP18).
The UK is committed to providing for global long-term investment which aims to reach $100 billion a year by 2020 and was agreed at the UN climate change summit in 2010.
The International Climate Fund (ICF) will support efforts in partnership with developing countries, reduce carbon emissions, deforestation and adapt to the effects of climate change. The UK is the first country to commit to the Fund.
The package of measures outlined by Davey includes a further £149.5 million investment in five other schemes supporting better water management (£21 million), low-carbon agriculture in Colombia (£15 million) and an expansion of the UK’s successful ‘2050 calculator’, which allows the modelling of different energy and emissions scenarios.
The largest single investments commits £98 million to Green Africa Power (GAP), an initiative to stimulate private support of renewable energy across the continent and aims to finance around 270 MW of new generating capacity.
£14 million more will make up the ‘Get Fit’ effort with Norway and Germany investing in small- scale-on-grid renewable projects in Uganda.
“Climate finance is fundamental to building resilience and capacity for countries to mitigate and adapt to climate change. Our focus will be on results that make a difference on the ground and we are working with a variety of partners, including developing countries, other donors organisations and the private sector to deliver this,” commented Davey in a statement.
Bloomberg New Energy Finance (BNEF) has reported that cross-border investment in developing nations was just $8 billion last year, the target being a far greater $100 billion by 2020.