As COP27, the 2022 United Nations Climate Change Conference, kicks off in Egypt, world leaders have spoken about the global state of the climate and what needs to be done to ensure climate goals are met. British Prime Minister Rishi Sunak is expected to address this in a speech at the conference today, announcing a further £65.5 million in funding for the Clean Energy Innovation Facility.
This finances green technologies and innovations for clean energy in developing countries. The program has already provided funding for lithium-ion battery prototypes in Nigeria and clean hydrogen-based fuels for steel production in Morocco. In addition, the creation of a biomass-powered refrigeration system in India was funded.
COP27 events are closely followed by logistics industry stakeholders, with CO2 emissions currently a major concern for retailers. According to the Office for National Statistics, the transport and storage sector accounted for 11.4% of total UK greenhouse gas emissions in 2020.
Speaking at COP27, Sunak said: “We remain committed to the £11.6 billion that we announced last year for international climate finance.”