With permission, Mr Speaker, I will make a statement on COP27, which I attended in Sharm el-Sheikh on Monday.
When the United Kingdom took on the presidency of COP, just one third of the global economy was committed to net zero. Today, that figure is 90%, and the reduction in global emissions pledged during our presidency is equivalent to the entire annual emissions of America. There is still a long way to go to limit global temperature rises to 1.5°, but the historic Glasgow climate pact kept that goal within reach. I know that the whole House will want to join me in paying tribute to my right hon. Friend the Member for Reading West (Alok Sharma) for his inspirational leadership as COP President.
The question at this summit was whether countries would deliver on their promises. I am pleased to say that our nation will. We have already cut our carbon emissions faster than anyone else in the G7, and we will fulfil our ambitious commitment to reduce emissions by at least 68% by the end of the decade.
I know that some have feared that Putin’s abhorrent war in Ukraine could distract from global efforts to tackle climate change, but I believe it should catalyse them. Climate security and energy security go hand in hand. Putin’s contemptible manipulation of energy prices has only reinforced the importance of ending our dependence on fossil fuels, so we will make this country a clean energy superpower. We will accelerate our transition to renewables, which have already grown fourfold as a proportion of our electricity supply over the last decade; we will invest in building new nuclear power stations for the first time since the 1990s; and, by committing £30 billion to support our green industrial revolution, we will leverage up to £100 billion of private investment to support almost half a million high-wage, high-skilled green jobs.
There is no solution to climate change without protecting and restoring nature, so at COP27 the UK committed £90 million to the Congo basin as part of £1.5 billion we are investing in protecting the world’s forests, and I co-hosted the first meeting of our forests and climate leaders’ partnership, which will deliver on the historic commitment to halt and reverse forest loss and land degradation by 2030.
Central to all our efforts is keeping our promises on climate finance, so the UK is delivering on our commitment of £11.6 billion. To support the most vulnerable who are experiencing the worst impacts of climate change, we will triple our funding on adaptation to reach £1.5 billion a year in 2025.
In Glasgow, the UK pioneered a new global approach, using aid funding to unlock billions of pounds of private finance for new green infrastructure, so I was delighted to join President Ramaphosa to mark the publication of his investment plan, which delivers on this new model. South Africa will benefit from cheaper, cleaner power, cutting emissions while simultaneously creating new green jobs for his people. We will look to support other international partners in taking a similar approach.
We also made further commitments to support clean power in developing countries. This included investing a further £65 million in commercialising innovative clean technologies and working with the private sector to deliver a raft of green investment projects in Kenya.
The summit also allowed me to meet many of my counterparts for the first time. With the Egyptian President, I raised the case of the British-Egyptian citizen Alaa Abd el-Fattah. I know the whole House will share my deep concern about his case, which grows more urgent by the day. We will continue to press the Egyptian Government to resolve the situation. We want to see Alaa freed and reunited with his family as soon as possible.
President Macron and I discussed our shared determination to crack down on criminal smuggling gangs, and I discussed illegal migration with other European leaders too. We are all facing the same shared challenge, and we agreed to solve it together. I had good meetings with the new Prime Minister of Italy, the German Chancellor, the President of the EU, the President of Israel, and the leaders of the United Arab Emirates, Kenya and Norway, as well as the UN Secretary-General.
In all these discussions, the United Kingdom is acting with our friends to stand up for our values around the world, to deliver stability and security at home. Tackling climate change and securing our energy independence is central to these objectives. Even though we may now have handed over the presidency of COP, the United Kingdom will proudly continue to lead the global effort to deliver net zero, because this is the way to ensure the security and prosperity of our country today and for generations to come. I commend this statement to the House.