Value with Values: UK Commitment to Climate Partnership

thirteenth Might 2024
Canberra, Australia

The UK is dedicated to strengthening the UK-Australia local weather partnership and collaborating internationally to deal with local weather change and guarantee power safety. With rising temperatures and worsened excessive climate occasions leaving folks hungry and forcing them from their houses, these challenges can’t be ignored.

Final week, I addressed key gamers throughout business and authorities on the Australian British Chamber of Commerce’s Vitality Transition and Funding Summit. This important occasion in Sydney constructed on the momentum created by the Chamber’s profitable Catalyst final 12 months within the UK. I shared classes from the UK’s clear power transition management, and our ambition for a thriving inexperienced economic system based on inexpensive, dependable and ample power to generate development, jobs and prosperity.

I used to be additionally delighted to publicly announce, with Chris Bowen, Australia’s Minister for Local weather Change and Vitality, current, the UK’s endorsement of Australia’s bid to host COP31 in partnership with Pacific nations.

This builds on our sturdy local weather partnership with Australia and our deal with supporting Small Island Creating States, together with Pacific Island International locations, who’re on the frontline of the results of local weather change.

In 2021, the UK hosted COP26 and delivered the Glasgow Local weather Pact, a world settlement to speed up motion on local weather change this decade. We sit up for utilizing our expertise of internet hosting COP26 to help Australia and Pacific nations of their bid to ship an bold COP31 that delivers for the Pacific and for Small Island Creating States.

The UK and British companies are well-placed to help Australia’s power transition with a formidable monitor report of web zero commitments. In 2019, the UK turned the primary main economic system on the planet to move legal guidelines to finish our contribution to international warming by 2050. We’ve set extra bold 2030 targets with plans to chop emissions by 68% by 2030. That is greater than the EU, Japan, or the US.

In Australia, now we have seen a constructive trajectory beneath Labor and Minister Bowen’s local weather change and power management, with the promise of a brand new 2035 goal earlier than the following election. The Local weather Change Authority suggests {that a} 65-75% emissions discount by 2035 in opposition to 2005 ranges could possibly be in attain.

We stand prepared to help Australia in reaching these targets. The UK was the primary main economic system to halve its emissions, chopping them by 50% between 1990 and 2022, whereas additionally rising our economic system by 79%. In 2012, coal offered virtually 40% of UK electrical energy, however later this 12 months, this will likely be zero. In truth, renewables now account for greater than 40% of the UK’s electrical energy, up from simply 7% in 2010.

Crucial minerals are an essential pillar of our relationship with Australia. To proceed shifting in the correct course, we should be capable of entry the vital minerals required for clear power applied sciences. Simply as iron and coal had been central to the Industrial Revolution, vital minerals are important to our Inexperienced Industrial Revolution.

Worldwide cooperation is essential to addressing challenges related to power transition, and our Ministers are dedicated to strengthening the UK-Australia local weather partnership. We’re already collaborating in areas corresponding to clear hydrogen, offshore wind, and to safe investments required to fund these essential initiatives.

Final 12 months, the UK Authorities launched a report with Arup highlighting the numerous alternatives for the UK to share its offshore wind experience with Australia’s creating business. Whereas totally different in scale, Australia and the UK are each island nations blessed with sturdy offshore wind assets. With feasibility licences not too long ago awarded for Gippsland, Victoria has potential to ship over 25GW and arrange Australia to develop into a globally vital participant within the offshore wind market.

The UK is the world’s second largest offshore wind market with 13.7GW of initiatives accounting for twenty-four% of world capability in 2022 and making it one of the essential contributors to web zero within the UK. Offshore wind has performed an essential function within the improvement of regional economies within the UK too. The sector at the moment employs 32,000 folks however might want to develop to 104,000 folks by 2030 to fulfill the 50GW goal.

Trying to hydrogen, we are going to quickly be releasing a report by Xodus on the feasibility of hydrogen manufacturing in Australia and the UK’s skill to contribute. To help hydrogen analysis and improvement, the UK and Australia are collaborating on the Renewable Hydrogen Innovation Partnership Programme and at COP28 introduced the opening of functions giving UK and Australian organisations the chance to use for funds to work collaboratively.

Australian non-public funding is backing the UK’s inexperienced infrastructure. In November, IFM Buyers and Conscious Tremendous introduced a mixed £15 billion of investments in areas together with power infrastructure and innovation. Conversely, Scottish firms supporting Australia’s power transition already embrace Flotation Vitality, Wooden, and Agrekko.

The UK-Australia Free Commerce Settlement (FTA) promotes these sturdy present ties between our counties by implementing home environmental legal guidelines and cooperation on trade-related environmental challenges like overfishing and unlawful wildlife commerce. The FTA has additionally established the Surroundings Working Group and the Strategic Innovation Dialogue which have additional promoted cooperation in areas corresponding to electrical autos, offshore wind, and hydrogen.

Whether or not we’re working collectively at COP summits to ship 1.5 Paris targets, becoming a member of like-minded international locations within the Umbrella Group, researching collaboratively, or supporting one another’s power transitions by way of commerce and funding, the UK-Australia local weather partnership continues to strengthen.

I’m excited to see what we are able to obtain collectively, not only for our personal nations, however for the worldwide good and our most weak neighbours within the area as properly.