Department for Energy Security and Net Zero

📢 Today, we’re setting out the next steps in the Warm Homes Plan, kickstarting a homegrown heat pump industry. Find out more 👇 https://lnkd.in/eUpbTQ8a

At #COP29, it’s been clear that a real focus for discussion has been bridging investment gaps, especially across emerging markets and developing economies. It was therefore my pleasure to host a global cross section of our clients and partners at the UK Pavilion, to take a forensic look at transactions where different types of strategic capital have come together to bridge investment gaps and channel capital across borders, towards sustainable outcomes. Dana Barsky first presented a deep dive on a novel Multilateral Investment Guarantee Agency (MIGA) financing facility, which supported a scalable solution for solar rooftop systems in India, and where Standard Chartered acted as underwriter. This was followed by Zarak Pasha, CFA, who unpacked our innovative debt financing pilot for carbon removals, which allowed a bank, for the first time, to offer commercial debt to a carbon removals project developer. Finally, John Murton announced a new country platform endeavour supporting energy independence for an African nation (see my following post!) We were delighted to showcase these examples, which were made possible by the hard work of many across Standard Chartered, alongside our partners at The World Bank Group, MIGA, British Airways, CUR8, CFC and UNDO. They each show how different but like-minded entities can come together to de-risk investment and triggered a lively discussion with exchanges on where and how these structures can be replicated and scaled. #sustainablefinance

We are committed to take global climate action 🌍 That's why we support multilateral funds like the Forest Carbon Partnership Facility to support forest protection. Take a look at its 2024 results 👇    The programme's success has meant the UK has announced £188m to a new fund called the Scaling Climate Actions by Lowering Emissions to expand and build on its progress.    Learn more: https://lnkd.in/eY6rBnGf 

We cannot successfully tackle climate change without thriving forests around the world 🌳 We must work together with the private sector and forest peoples to protect and maintain forest land. The UK government supports projects to channel private sector finance into more sustainable forest land use, like the production of cocoa beans, honey and more. One programme, Partnerships for Forests, has helped to manage and restore land more than 4 times the size of Wales 🗺️ Our uplifted Mobilising Finance for Forests programme builds on this work by focusing on scaling to attract investment on a larger scale. #UKatCOP29

Thriving forests are essential to limit global warming to 1.5°C.     They are also home to two-thirds of the world's biodiversity, and 1.6 billion people also depend on forests for their livelihoods.     That's why we've announced £239m to help protect and restore forests, including by supporting green enterprises and by ensuring local people are rewarded for caring for nature. #UKatCOP29 https://lnkd.in/gATRPsAN

From protecting people during heatwaves and keeping food fresh, cooling systems are essential 🧊 But did you know cooling accounts for 7% of global greenhouse gas emissions? That’s why we need sustainable ways of cooling to help us reduce emissions. The UK government backs programmes such as those by IFC - International Finance Corporation which supports 97 sustainable cooling projects in over 11 countries. For example, this project in Nigeria helps farmers to keep their produce fresh for longer using solar power ☀️

Energy bills are still significantly higher than they were before the gas crisis. This winter, suppliers are continuing to provide help to customers with £500 million of support available. However, a longer-term solution is required.   The Department for Energy Security and Net Zero and the Department for Work and Pensions (DWP) have committed to continue working together to better use and share data to target support for customers that need help. Additionally, Minister for Energy Consumers Miatta Fahnbulleh will lead a working group to improve the affordability and accessibility of energy in the UK.   Our CEO Dhara Vyas says: “The last few years have been very challenging for millions of energy customers - including for people unused to such difficulties.   “We’ve very much welcomed the Government’s constructive approach in our discussions so far and the recognition this is not a temporary problem and as such, requires an enduring plan for future winters.” Find out how energy suppliers are supporting customers this winter: https://lnkd.in/eY7kH4zr

BREAKING: 25 countries and the EU sign the Call to Action for No New Coal and call on others to do the same. Signatories: Angola, Austria, Australia, Belgium, Canada, Colombia, Cyprus, Czech Republic, Denmark, Dominican Republic, Ethiopia, France, Germany, Italy, Malta, Morocco, the Netherlands, Norway, Slovakia, Slovenia, Sweden, UK, Uganda, Uruguay, Vanuatu https://lnkd.in/edS2JgTC

Climate change has no borders. The only way to protect people at home and abroad from its impacts - and work towards a prosperous future - is to lead on global action.   That's why the UK is committed to working with our international partners to support the clean energy transition, and halt forest and nature loss. #UKatCOP29 @COP29 Azerbaijan Learn more 🌎 👇  https://lnkd.in/ebk-jeyU

Last week at #COP29, we hosted a panel discussion at the UK Pavilion.   Lisa Wee moderated a session focusing on how tech and AI are driving debcarbonization, with speakers Rachel McEwen, Rodolphe d'Arjuzon, Hanne Rolén and Matt T.. See our takeaways and watch the discussion in full 👇