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Ambitious climate commitments at COP29, co-launching a Global Clean Power Alliance at the G20 summit, and high-profile appointments on climate indicate that the UK government has identified climate as an opportunity to lead internationally.
Echoing this strategy at home, Rachel Reeves, UK Chancellor of the Exchequer, delivered a raft of green policy updates in her first Mansion House speech, aiming to harness green potential at the annual address focused on economics and finance. This followed the recent launch of the National Wealth Fund and a new consultation on UK industrial strategy – Invest 2035.
We outline the key announcements and explore what more could be done to put the UK in pole position as a climate leader.
Raising ambition internationally
In the recent revision of its Nationally Determined Contribution (NDC), announced at COP29, the UK committed to reducing greenhouse gas emissions by 81% by 2035 compared to 1990 levels. It was one of just three countries to release updated NDCs at the conference ahead of the February 2025 deadline.
"It's more than an obligation, it's a huge opportunity." Keir Starmer, UK Prime Minister.
While further details on the implementation and financing of the NDC are still pending, its early publication sends a strong signal of commitment, aligning with the recommendations of the UK Climate Change Committee (CCC). We particularly look forward to the government’s steps in making these targets investable, which can help to attract long-term private investment.
The Prime Minister’s attendance at COP29 was a signal in itself, where several high-profile leaders did not attend. Speaking in Baku, Keir Starmer told world media that climate leadership is: “More than just an obligation, it’s a huge opportunity.”...
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