🚀 ProPicks AI Hits +34.9% Return!Read Now

Britain's Sunak tries to reclaim climate narrative with $2 billion pledge

Published 01/12/2023, 06:49
Updated 01/12/2023, 14:45
© Reuters. FILE PHOTO: Britain's Prime Minister Rishi Sunak delivers a speech during a press conference on the net zero target, at the Downing Street Briefing Room, in central London, on September 20, 2023. The UK looked set to backtrack on policies aimed at achievi
GBP/USD
-

By Elizabeth Piper

DUBAI (Reuters) - Prime Minister Rishi Sunak pledged 1.6 billion pounds ($2 billion) in funding at the U.N. climate summit on Friday and faced down critics who accuse him of undermining Britain's standing after watering down measures to reach net zero.

Sunak, in Dubai for COP28 leaders' day, tried to restore Britain's reputation as a leader in tackling climate change by saying not only did his country have one of the most ambitious targets to cut emissions, it was still on track to meet them.

Repeating Britain's "pragmatic" approach to climate change in balancing voters' concerns with pledges to meet emissions reductions, Sunak also announced an up to 11 billion pound investment in the country's Dogger Bank offshore windfarm.

"With all the changes that I've made earlier, we're still on track to meet all of those emissions targets that I've just set out," Sunak told a news conference, just hours before he was due to depart from the summit.

Asked whether any leaders had raised concerns about his decision to delay a ban on sales of new petrol cars, ease the transition to heat pumps and to grant new North Sea drilling licences, he replied: "Hand on heart, 100% no."

"Not a single leader that I've spoken to today has spoken about that. Do you know why? Because most of their targets are less ambitious than the UK's," he said.

With his governing Conservatives running way behind the opposition Labour Party in polls before an election expected next year, Sunak's team believes voters will only support measures to tackle climate change when they are affordable.

"The transition to net zero should make us all safer and better off. It must benefit, not burden ordinary families. The UK has led the way in taking pragmatic, long-term decisions at home," he said in an earlier statement.

Turning the focus away from domestic measures, he used his presence at COP28 to highlight how Britain could help other countries reduce emissions and to speak to Middle Eastern leaders about getting more aid into Gaza.

The climate funding includes up to 500 million pounds to tackle the causes of deforestation, 316 million for energy innovation projects around the world and up to 60 million for loss and damage.

© Reuters. FILE PHOTO: Britain's Prime Minister Rishi Sunak delivers a speech during a press conference on the net zero target, at the Downing Street Briefing Room, in central London, on September 20, 2023. The UK looked set to backtrack on policies aimed at achieving net zero emissions by 2050 with Prime Minister Rishi Sunak expected to water down some of the government's green commitments. The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.     JUSTIN TALLIS/Pool via REUTERS/File photo

($1 = 0.7911 pounds)

For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.