I am glad to come to the House to discuss this important subject today. The upcoming COP hosted by the United Arab Emirates is an important moment in the climate crisis. Amid record temperatures and emissions, the first comprehensive stocktake of progress against the Paris agreement at COP28 will show that the world is badly off-track. We have made significant progress through the Paris agreement, with temperature projections shifting from 4°C before Paris to between 2.4°C and 2.7°C after Glasgow through nationally determined contribution commitments, but we know that that is not enough.
In Glasgow, we cemented the goal of limiting global temperature increases to 1.5°C as our north star. That has been carried forward by the UAE presidency. The latest science and the impacts we are seeing, even at 1.1°C, show us why. A top priority for the United Kingdom is to leave COP28 with a clear road map towards keeping 1.5°C in reach from the global stocktake. The UK heads to COP28 with a record at home and internationally that we can be proud of. The Prime Minister recently affirmed our commitment to net zero and set out our new approach to get there. At home, we have decarbonised faster than any other major economy—by 48% since 1990. Looking forward, our 2030 target requires the largest reduction in emissions of any major economy.
Two years on from Glasgow, the need to accelerate action is more urgent than ever. The world needs to decarbonise more than five times faster than we have done in the last two decades. At COP28, we want to see progress against five areas: ambitious new commitments and action, including a pathway to keep 1.5°C within reach from the global stocktake; scaling up clean energy through commitments to triple renewables, double energy efficiency and move beyond fossil fuels; progress on finance reform, delivering $100 billion for developing economies; building resilience to climate impacts, including by doubling adaptation finance and establishing a loss and damage fund; and, finally, progress on restoring nature. Action to deliver net zero is not just a matter of doing the right thing by avoiding harm; it is crucial to our security and prosperity here in the UK now and in the future.
The global net zero transition could be worth £1 trillion to UK businesses between 2021 and 2030. UK businesses are in the vanguard in recognising the opportunity. More than two thirds of FTSE 100 companies, and thousands of small businesses, have pledged to reduce their emissions in line with the 1.5°C goal under the Race to Zero campaign. More than half the signatories to that campaign are from the United Kingdom. Net zero is already an engine for growth and revitalisation of formerly deindustrialised areas in the United Kingdom. At COP28 we need to show progress in delivering the historic agreement that we landed in Glasgow, and we must use our UK expertise to scale green finance.