UK’s COP Chronicles

by Estia Ryan, Principal & Head of Research at Eka Ventures. | Originally published on Eka Ventures Newsletter.

Dec 05, 2024

Guest post by Estia Ryan, Principal & Head of Research at Eka Ventures. | Originally published on Eka Ventures Newsletter.

🗞️ Recap of UK policy announcements at COP

At COP29 in Baku, Prime Minister Keir Starmer announced the UK's commitment to reducing greenhouse gas emissions by 81% by 2035, compared to 1990 levels, aligning with the Paris Agreement's 1.5°C target. This is a (small) change from 78% which had previously been announced.

The UK government has also lifted the ban on onshore wind projects, committed to no new North Sea oil and gas licenses, and closed its last coal power plant, becoming the first G7 economy to phase out coal power.

Additionally, the UK is focusing on mobilizing private investment to support climate finance, emphasizing the role of the private sector in achieving global climate goals. The government launched the CIF Capital Market Mechanism which will have the potential to mobilise up to $75b in additional climate capital for emerging markets in the next ten years.

🤔 What’s new?

⏰ How this all fits into timelines

Here's a summary of the UK's key climate policy announcements at COP29, organized by their implementation timelines:

Immediate Implementation (2024-2025):

Ban on New Fossil Fuel Licenses: The UK has committed to issuing no new North Sea oil and gas exploration licenses, effective immediately.
Lifting Onshore Wind Restrictions: The government has removed barriers to onshore wind projects, facilitating increased clean energy generation.
Closure of Coal Power Plants: The UK has become the first G7 nation to phase out coal power entirely, with the last coal power plant closed in September 2024.

Short to Mid-Term Implementation (2025-2030):

Doubling Climate Finance Contributions: The UK plans to double its climate finance contributions to developing nations by 2030, supporting global mitigation and adaptation efforts.
Accelerating Clean Energy Deployment: The government aims to expedite the rollout of renewable energy projects, including offshore wind and solar, to achieve a net-zero electricity grid by 2035.
Investments in Green Transport: Ongoing investments are planned to enhance electric vehicle infrastructure and electrify public transport systems by 2030.

Long-Term Implementation (2030-2035):

Strengthened Emissions Reduction Target: The UK has set a new target to reduce greenhouse gas emissions by 81% by 2035, compared to 1990 levels.
Nature-Based Solutions Funding: Significant funding is allocated for reforestation, peatland restoration, and biodiversity conservation projects, with full implementation expected by 2035.
Private Sector Engagement in Climate Finance: The UK emphasizes mobilizing private investment in climate finance through public-private partnerships, aiming for substantial progress by 2035.
Global Leadership in Climate Adaptation: The UK advocates for international collaboration on climate adaptation, focusing on technologies and funds to address climate-related loss and damage in vulnerable countries, with ongoing efforts leading up to 2035.