UK government to try and build support for new Clean Green Initiative to fund developing world climate projects, but observers warn plan requires proper funding. Prime Minister Boris Johnson is to call on G7 leaders to back an ambitious new plan to fund low carbon infrastructure and nature-based projects in developing countries, modelled on the post-war Marshall Plan which helped rebuild Europe in the wake of World War Two. The Times reported this morning that the UK government is working on plans for a “clean green initiative”, which the Prime Minister hopes to present to his fellow G7 leaders at this week’s Summit in Cornwall having already discussed the idea with US President Joe Biden. Johnson is understood to have instructed the Foreign Office, the Department for Business, Energy and Industrial Strategy, and the Treasury to develop a range of ideas to put to world leaders in Cornwall that could help deliver on the Paris Agreement pledge to mobilise at least $100bn a year of climate funding for poorer nations and thus boost the chances of a successful deal at this autumn’s COP26 Climate Summit in Glasgow.
Business Green 8th June 2021 read more »
Cornwall is to become the first “net zero” area of the UK with new town centre and landscape regeneration funding, after Boris Johnson vowed there will be a lasting “legacy” of this week’s G7 summit. Ministers will allocate over £65 million of the Government’s Town Deal funding pot to Penzance, St Ives and Camborne, which they say will “level up” the area and boost its green credentials. Money will also be spent on a “major land restoration and regeneration programme across 21,000 hectares”, which will involve planting trees, restoring peat, improving water quality and recreating scarce habitats. Officials believe that reforesting the area and restoring the wetlands will take 440,000 tonnes of carbon dioxide out of the atmosphere, bringing the county closer to producing net zero carbon.
Telegraph 8th June 2021 read more »