Govt, private sector must ‘join hands’ on climate

Governments and the private sector must “join hands” to tackle carbon emissions at this year’s COP26, UK Prime Minister Boris Johnson has said.

Speaking at the Global Investment Summit, Johnson said that while the government can deploy billions, private sector investors can deploy trillions.

“We must bring in the private sector,” he said, adding that governments, multilateral development banks and the World Bank should all be working to set the conditions to allow private sector investment in green infrastructure, through a range of technologies such as strike prices and contracts for difference.

At the same event, Johnson and Microsoft founder Bill Gates announced the launch of a new platform to drive investment into the next generation of groundbreaking clean energy technologies. 

Aiming to leverage £200m of private investment, the Breakthrough Energy Catalyst programme will bring together businesses, governments, philanthropists and individuals to invest in critical climate technologies.

Gates, founder of Breakthrough Energy, said: “Working with public and private sector leaders, including the UK, Catalyst will be a key vehicle for...building the clean industries of tomorrow.”

The UK government has also set out its Net Zero Strategy, which aims to leverage up to £90bn of private investment by 2030. The strategy points to the UK Infrastructure Bank as providing a key part of its efforts to leverage private finance into green investments.