Leading financiers and philanthropists will gather in Windsor today, Monday, July 10, for a Climate Finance Mobilisation Forum to acknowledge and support initiatives that boost support for developing and emerging economies in order to speed up a net-zero, resilient transition.
Organisations are encouraged to provide examples of recent and brand-new initiatives that demonstrate significant investments in advancing climate action and leveraging the benefits it brings to the environment, economy, security, and social sectors. This will help to accelerate implementation efforts that help to realise the objectives of the Paris Agreement.
Grant Shapps, the Secretary of Energy Security and Net Zero, and John Kerry, the US Special Presidential Envoy for Climate, will host prominent businesspeople and philanthropists for the exclusive gathering, which is a part of President Biden’s visit to the UK. After the event, attendees will travel to Windsor Castle to brief the President and His Majesty The King on the outcomes of the conversation.
To put the world on pace to achieve net-zero emissions by 2050, it is anticipated that by 2030, annual renewable energy investment in these nations must increase by more than seven times to above $1 trillion. Additional expenditures are required to lower non-CO2 emissions, stop deforestation and reverse forest loss, adapt to climate change, and develop resilience. And that’s just for clean energy.
Grant Shapps, the secretary for energy security, said:
“Finance is the lifeblood of growing economies. Billions has been spent so far to accelerate the green transition already underway, and the UK is delivering its £11.6 billion of International Climate Finance to support countries around the world – but if we want to deliver real change, we must go further and do it together. The scale of this transition requires trillions in private investment in addition to the public funds we are spending.
Today is about uniting with our US allies and key enablers, using this world-leading expertise for the benefit of not just our own economies but those that will be most affected by climate change impacts – updating The King and President on what we’re doing to set us all on a path to net zero and greater climate resilience by unlocking private investment.
Building on the US-UK Atlantic Declaration, today isn’t just about cutting emissions, it’s also supporting countries to achieve a secure, cheaper and home-grown energy system – to grow their economy and create jobs.”
John Kerry, a special presidential envoy on climate change, said:
“The climate crisis is here. It’s caused by the unabated burning of fossil fuels, and it’s going to get worse without action. No government can solve this crisis by itself. We need to work together with the private sector and philanthropy to speed up the net zero, resilient transition.
One important outcome of today’s event will be the ideas and potential collaborations that are seeded and the tangible action and ways private finance and philanthropies can collaborate to accelerate action on the road to COP28.
Since day one, President Biden has taken decisive action to mobilize an unprecedented effort to tackle the climate crisis, and that work continues today in partnership with the UK to raise ambition through concerted action between the public, private, and philanthropic sectors.”
Two-thirds of the world’s greenhouse gas emissions currently come from emerging markets and developing economies, many of which are extremely vulnerable to climate threats. In addition to being important allies for the US and the UK in creating shared prosperity from the global shift, these economies are essential for combating climate change and stopping the depletion of the natural world.
The UK and the US can seize a significant economic opportunity by aiding the global transformation and fostering tighter ties with high-growth emerging markets and developing economies as they look to satisfy their own financial needs.
Governments are stepping up efforts to support cleaner, more secure, and less expensive energy that transitions away from expensive fossil fuels after Putin’s heinous attack on Ukraine.
