Rishi Sunak announces additional funding for green fuels at COP27

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As COP27, the United Nations’ 2022 Climate Change Conference, kicks off in Egypt, world leaders have been speaking on the global state of the climate and what needs to be done to ensure climate goals are met. UK Prime Minister Rishi Sunak addressed this in a speech at the conference today, announcing a further £65.5 million in funding for the Clean Energy Innovation Facility.

This will fund green technology and clean energy innovations in developing countries. The scheme has already provided funding for prototype lithium-ion batteries in Nigeria and clean hydrogen-based fuels for steel production in Morocco. Additionally, funding has supported the creation of biomass-powered refrigeration in India.

The events of COP27 will be closely followed by stakeholders in the logistics industry, with carbon emissions currently being a key concern for distributors. According to data from the Office for National Statistics, the transport and storage sector accounted for 11.4% of total UK greenhouse gas emissions in 2020.

While being interviewed at COP27, Sunak said: “We remain committed to the £11.6 billion that we announced in the last year for international climate finance.”

In a later speech, Sunak emphasised the responsibility of large economies to support developing nations in enabling “clean growth”. The Prime Minister said that the UK intends to do this “by investing £65m in a range of green investment projects in Kenya and in Egypt.”

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