Taking action on Climate Change

Climate change is the greatest threat facing our generation. We urgently need to take collective action to halt the increase in global temperature and limit the risks posed to our economy and national and global security.

I am proud that the UK has led the global transition to a low carbon economy. We were the first country to enact legislation to tackle climate change, and the first country to set legally binding carbon budgets – a series of stepping stones to enable the UK to meet its target of reducing emissions by at least 80% by 2050. Another first is the UK’s commitment to phasing out unabated coal generation – that is the bulk of coal generation in plants that do not have the technology in place to capture and store emissions.

The transition to a low-carbon economy is also a terrific opportunity. Consider the latest statistics – 238,500 (full time equivalents) were employed in the low carbon and renewable energy sectors in the UK in 2014 with turnover in excess of £46bn.

The UK has also driven the international climate agenda. We played a critical role in securing the historic Paris Agreement. Through our extensive network of climate attachés in embassies overseas we have shared UK expertise with a significant number of bilateral partners for example on carbon pricing and green finance –  the mobilisation of private finance to invest in low carbon projects. As the thought- leader behind Mission Innovation I am proud of the role the UK is playing in driving this important $30bn per annum clean energy initiative forward.

This week the international community has reached the critical threshold to enable the Paris Agreement to enter into force, heralding a new era of green economic opportunity.