UK Prime Minister Boris Johnson has announced £10 billion of foreign investment ahead of the Global Investment Summit that will be held today, October 19th, at London’s Science Museum.
The summit is expected to host 200 business leaders from around the world, among which is Microsoft co-founder Bill Gates, and is being hailed by the UK government as an opportunity to explore the capacity of the private sector to reduce CO2 emissions.
According to estimates, the secured investment should create a minimum of 30,000 new jobs in the country, predominantly in sustainable industries.
In fact, the event takes place only two weeks before the 2021 United Nations Climate Change Conference, also known as COP26, in Glasgow, which ministers are hopeful will help bring an emphasis on investment opportunities in green sectors in the UK.
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Prime Minister Boris Johnson will open the summit and will also participate in a panel discussion with Bill Gates on the efforts made to advance the global energy transition from fossil fuels to renewable energy sources. Another subject to be discussed is the impact of businesses on the climate crisis.
The foreign investment package consists of 18 deals, all of which have to do with solutions designed to address climate change, from carbon capture and storage (CCS) to wind and hydrogen energy.
Over half of the total foreign investment (£6 billion) is from the Spanish energy giant Iberdrola and will go towards offshore wind farms via ScottishPower’s East Anglia hub. The project is still awaiting approval, but once it is up and running, it is expected to produce enough power for over 2.7 million households.
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Johnson expressed his confidence that the UK has ‘massive potential’ for innovation and development in sustainable industries and the world’s leading investors have recognized this potential.
He hopes the secured investment is only the beginning of more partnerships for ‘green growth’ and will help jumpstart the country’s economic recovery.