Good morning, esteemed colleagues and Excellencies. It is a privilege to stand before you today.
This past summer has been anything but ordinary for the United Kingdom. My initial weeks as Prime Minister were consumed by addressing the most devastating wildfires in British history. This experience underscored the importance of my presence here, demonstrating British leadership in a global landscape where climate concerns often seem sidelined.
The climate crisis is no longer a distant prospect; it is an immediate reality, wreaking havoc on lives and livelihoods across the globe. Concurrently, the emergence of conflicts on two continents has resulted in skyrocketing fuel prices and escalating energy costs for families and businesses worldwide.
The unifying factor in these challenges is our reliance on fossil fuels. My message here at my inaugural COP as Prime Minister of the UK is clear: we are unwavering in our commitment to achieving our net zero target by 2050 and dedicated to collaborating with all our partners to reach their respective goals.
The Importance of Electrification
In this context, I wholeheartedly support the focus on electrification at this COP, which is crucial for three reasons. Firstly, it is vital for ensuring energy security. It has become increasingly evident that relying on external energy sources exposes us to uncontrollable prices. Transitioning to clean energy is the sole pathway to achieving energy security, with electrification serving as a safeguard for families against global fluctuations in fossil fuel prices.
Secondly, the shift towards electrification fosters job creation. The UK has recently approved two significant offshore wind projects that will attract billions in investment, power millions of homes, and generate thousands of jobs. A government-funded electric arc furnace in South Wales, one of the largest in Europe, will secure employment for 5,000 steel workers. Furthermore, Rolls-Royce is advancing small modular nuclear reactor technology worldwide, creating additional job opportunities.
Thirdly, electrification contributes to reducing household bills. Reflecting on my attendance at COP26 as the Mayor of Greater Manchester, I recognise that progress has not been as swift as I would have liked. The global landscape has shifted dramatically, demanding our adaptation. Electrification across transport, heating, and industry is how we can make clean energy synonymous with affordable energy.
Addressing Inequalities in Energy Transition
In the UK, driving a new electric vehicle is now more cost-effective than its petrol counterpart. Moreover, with the right tariff, heat pumps can be more economical than traditional gas boilers. While the costs of these technologies are decreasing, accessibility remains a challenge across various income brackets. Our government is committed to facilitating this transition by investing in innovation and subsidising upfront costs for the public.
However, it is imperative that industry also plays its part in enabling individuals from all income levels to embrace this green transition. The crisis we face can only be addressed through collaborative efforts.
I have pledged to usher in a new era of British leadership over the coming decade. The once-consensus on scientific understanding and climate action has eroded, and we must now confront the reality that the world is on a trajectory towards a 1.5-degree rise in temperatures. The urgency for climate leadership and decisive action has never been greater.
Commitment to Climate Security and Financial Support
Britain is poised to respond to this call. Climate change poses a national security challenge, and to underscore this commitment, I am pleased to announce the appointment of Dame Madeline Alessandri as the UK’s inaugural special representative for climate security.
We also recognise the financial implications of this transition, and the UK is uniquely positioned to assist. The City of London has demonstrated a remarkable ability to leverage a modest amount of public funding into substantial private investment. Building upon this success, I am announcing UK support for the Amplify programme, which aims to secure £5 billion in new private financing for global clean energy initiatives.
My recent experience at the Commonwealth Heads of Government meeting highlighted the disproportionate climate burden shouldered by developing nations, who are often the most affected by this crisis. As the UK prepares to assume the presidency of the G20 next year, we will prioritise climate resilience, focusing on debt, development, and insurance as central themes.
Preserving Our Natural World for Future Generations
We understand that the discussions at this COP extend beyond immediate concerns; they encompass the future of our natural world and the stewardship we owe to the next generation. The UK will remain steadfast in its commitment to preserving tropical forests and oceans, assisting nations in safeguarding these invaluable ecosystems for the benefit of all humanity.
In conclusion, ladies and gentlemen, Britain is resolute in fulfilling its commitments. We stand ready to support our partners as they strive to meet their own obligations. The United Kingdom is back on the global stage, prepared to contribute fully to this vital cause. Thank you for your attention.