The UK government will end direct support for the fossil fuel energy sector overseas to curb the effects of climate change. The support includes export finance, aid funding and trade promotion for new crude oil, natural gas or thermal coal projects, with very few exceptions.
The decision is a significant change when compared to the last four years when the government supported £21 bil of UK oil and gas exports through trade promotion and export finance.
UK Prime Minister Boris Johnson announced this when he opened the Climate Ambition Summit recently. In attendance were leaders committed to Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions, strategies to reach Net Zero, climate finance pledges and innovative plans to adapt and build resilience to climate change.
The government also said it will support the North Sea Transition Deal, ensuring areas like Teesside and Aberdeen can become global hubs for wind energy, carbon capture and other clean technologies of the future.
Johnson had earlier announced a new NDC, committing the UK to reduce greenhouse gas emissions by at least 68% by the end of the decade compared to 1990 levels. The ambitious target is supported by the Ten Point Plan for a green industrial revolution, which will create and support up to 250,000 British jobs by 2030.