Climate change is one of the greatest challenges we face, and I can assure you that I recognise the importance and urgency of action on this issue.
The recent report from the UN's Intergovernmental Panel on Climate Change found that the world is warming faster than previously anticipated and climate change is already affecting every single region of our planet. This stark report must be met with immediate global action to limit warming, heatwaves, heavy precipitation, droughts, and loss of Arctic Sea ice, snow cover and permafrost.
I am pleased that the UK, which is continuing to play a world-leading role in tackling climate change, was the first G7 country to legislate to achieve net zero by 2050, and we are decarbonising faster than any G20 country. In addition, we have set ambitious climate targets in law, such as a commitment to reduce emissions by 68 per cent by 2030, and also to reduce emissions by 78 per cent by 2035, both compared to 1990 levels.
This does not come at the expense of economic growth. The UK has grown its economy by 75 per cent while cutting emissions by 43 per cent since 1990.
The UK accounts for approximately 1.2 per cent of global emissions and the Government and COP26 Presidency is working to ensure other countries, particularly other G20 countries which account together for 80 per cent of global emissions, to urgently submit new or updated 2030 targets (Nationally Determined Contributions) with their plans for ambitious climate action ahead of the vital COP26 summit later this year in Glasgow.
The next decade will be decisive and every country, government, business and citizen must come together to tackle this huge threat to our planet and humanity.
Nearly 400,000 people are working in the low-carbon economy and the Government is committed to creating thousands of highly skilled, well paid jobs up and down the country. For instance, I welcome that the Offshore Wind Sector Deal could see the number of jobs triple in this sector to 27,000 by 2030.
I am encouraged that the UK will spend at least £3 billion of international climate finance on nature and biodiversity over five years.
The funding will be allocated from the UK’s existing commitment of £11.6 billion for international climate finance and will deliver transformational change in protecting biodiversity-rich land and ocean, shifting to sustainable food production and supply, and supporting the livelihoods of the world’s poorest.
Programmes supported by the funding will include the flagship Blue Planet Fund for marine conservation; projects to maintain forests and tackle the illegal timber trade and deforestation; and initiatives to conserve habitats such as mangroves that protect communities from the impacts of climate change.
Alongside these commitments, the Government has its 25 Year Environment Plan which aims to improve the environment within a generation. This sets out how Ministers will work with communities and businesses to leave our planet in a better state than we found it through initiatives such as managing land sustainability, increasing resource efficiency, and reducing pollution and waste.
The Resources and Waste Strategy is a significant part of the promise made in the 25 Year Environment Plan to leave our planet in a better state than we found it. The strategy has seven key areas of focus, these are: sustainable production; helping consumers take more considered actions; recovering resources and managing waste; tackling waste crime; cutting down on food waste; international leadership; and cutting-edge research and innovation. This plan will help deliver other Government initiatives such as the Clean Growth Strategy, the Industrial Strategy and the Litter Strategy.
To continue momentum, the Prime Minister established the Cabinet Committee on Climate Change to ensure all arms of Government are focussed on tackling this challenge.
The 2021 Budget also reinforced the UK’s strong track record in this area, with announcements including £640 million for tree planting and peatland restoration, over £1 billion to support the transition to electric vehicles, at least doubling funding for energy innovation, and tax measures to reduce plastic waste, among other measures. The Chancellor also announced £15 billion of green gilt issuance to help support vital projects to tackle climate change, to fund critical infrastructure investment, and create green jobs across the UK.
In addition, the Prime Minister's Ten Point Plan lays the blueprint for how we will achieve net zero. The plan will mobilise £12 billion of Government investment to create and support up to 250,000 highly-skilled green jobs in the UK, and spur over three times as much private sector investment by 2030. Included in the plan is £160 million investment into offshore wind which will create 60,000 jobs, a commitment to produce enough offshore wind to power every home, quadrupling how much the UK produces to 40GW by 2030.
The next decade will be decisive and every country, government, business and citizen must come together to tackle this huge threat to our planet and humanity.