Over 40 leaders around the world have announced that they are joining forces to accelerate clean technology adoption by setting global standards and policies.
On Tuesday, the announcement will be made during the climate summit COP26 at Glasgow.
At first, five high-carbon industries will be addressed including electricity and agriculture.
The goal of the fund is to stimulate global private investment in low carbon technologies.
Although similar international efforts have been made in the past to promote clean tech, nothing has been as bold as this multilateral agreement.
Investors will feel reassured by its backers that green technology is going to be available on global markets and that this investment is sound financial advice.
The hope is that the initiative will eventually help to draw trillions in private financing for reducing emissions.
The first five segments that will be covered by the plan are steel, road transportation, agriculture, hydrogen and electricity.
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Nick Mabey of climate think tank, e3g applauded this initiative (known as the Glasgow Breakthroughs).
I was told by him that this potential has great muscle. The real economy will take climate change beyond the negotiations halls.
Imagine major nations agreeing to a limit on the production of “green steel”. This is steel that has hydrogen or electricity. This would make it really strong by creating a marketplace.
- One of the most important problems facing the globe is climate change. If we want to stop global warming, governments must make more aggressive cuts in greenhouse gases.
- Glasgow’s summit is the place where you can see change. Watch out for promises by world’s largest polluters like China and the US, as well as whether or not poorer countries receive the help they need.
- Our lives will be forever changed. These decisions could have an impact on our careers, our heating and food choices, our travel habits, as well as how our homes are heated.
You can read more about the COP26 summit right here.
Boris Johnson (UK Prime Minister) launched the plan along with representatives from India, EU and, most importantly, China.
According to the signatories, they represent 70% or more of the global economy.
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Similar efforts have been made in Europe, where lawmakers have increased the efficiency of electrical goods to reduce their emissions.
Exporting into the EU requires that firms meet the exact same standards. It’s been proven that technology can be influenced by higher standards. With the “Glasgow Breakthroughs”, it is hoped that this can be accepted and greatly expanded.
Boris Johnson, UK Prime Minister, stated that clean technology can be used to reduce emissions in the entire world by making it affordable and accessible.
“The Glasgow Breakthroughs will accelerate this forward so that clean technologies can all be enjoyed everywhere by 2030, not just reducing carbon emissions, but also creating more employment and greater wealth.”
Starting in 2022, leaders committed to discussing each sector’s progress annually. The International Energy Agency, a think tank of the wealthy nations, will support this work with its annual reports.
Today’s event will see the launch of world leaders, CEOs, and philanthropists.
- Green Grids Initiative – To connect continents, nations, and communities with renewable power sources and ensure that no one is without clean energy.
- AIM4C, a brand new initiative spearheaded by the US, the UAE and more than 30 countries supporting it, aims to accelerate innovation in sustainable agricultural technology.
- Program “Breakthrough Energy Catalyst”, which aims to increase investments up to $30bn and lower costs for “green” hydrogen; direct air capture of CO2 and long-term energy storage
- The US-led Buyers’ Club of 25 global major companies, the “First Movers Coalition,” makes purchasing commitments for sectors such as shipping, steel, concrete and aluminium.
Climate advisers for the government will be open to clean technology ideas. However, they warn that the PM cannot ignore the importance of behaviour changes such as cycling and walking more often and eating less dairy.
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