Green tech

Major economies sign deal to promote advanced green tech

The world’s ten largest economies have signed up working with businesses to encourage tens of billions of pounds of investment in a bid to make green technology cheaper across the world.

The deal, signed at Cop26 by the 40 countries that make up 70 per cent of the world’s economic activity, will see “countries and businesses … dramatically scale and speed up the development and deployment of clean technologies and drive down costs this decade”, according to Downing Street.

It comes after the UK and Microsoft founder Bill Gates last month pledged £200m each on research and development of green technologies like green hydrogen, direct air capture and sustainable aviation fuel currently not viable for mass use.

Countries that have signed up to the “Breakthrough Agenda” deal include the USA, China, Japan, UK, Germany, India, France, Australia, Canada, Italy, South Korea and Egypt.

“By making clean technology the most affordable, accessible and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world,” Boris Johnson said.

“The Glasgow Breakthroughs will turbocharge this forward, so that by 2030 clean technologies can be enjoyed everywhere, not only reducing emissions but also creating more jobs and greater prosperity.”

It comes alongside other announcements worth more than £10bn that will contribute to the agenda. This includes the launch of the Global Energy Alliance for People & Planet, which has $10bn (£7.34bn) of funding from philanthropists and development banks to support “energy access and the clean energy transition in the Global South”.

Also announced today was the UK and India-led Green Grids Initiative that aims to “mobilise political will, finance and technical assistance needed to interconnect continents, countries and communities to the very best renewable sources of power”.

Indian Prime Minister Narendra Modi said: “In order to protect the future of mankind we must once again go together with the sun. In one hour the earth’s atmosphere receives enough sunlight to power the electricity needs of every human being on earth for a year – this unlimited energy is completely clean and sustainable.

“The only challenge is that solar energy is only available during the day and is dependent on weather conditions – one sun, one world, one grid is the solution to this very challenge. A worldwide grid will allow us to provide clean energy everywhere at all times, it will also reduce the need for storage and will increase the viability of solar projects.”

Bill Gates said at London’s Global Investment Summit last month that developed economies must begin to invest large sums into emerging green technologies in particular if they are going to reach their long-term climate goals.