Business News Asia
“Green is good,” said British Prime Minister Johnson to encourage climate investment.
The United Kingdom announces nearly 10 billion pounds ($13.72 billion) in private investment in green projects. It hosted the London Investment Summit, which was attended by 200 of the world’s leading financiers and executives.
The summit is the UK’s biggest post-Brexit push in its search for investors. At the same time, the UK is looking for money and partners to stay ahead in the international competition for green technologies.
Meanwhile, the administration is announcing £9.7 billion in private investment and £6 billion in offshore wind turbines from Iberdrola (OTC:IBDRY), including carbon-free storage and carbon capture technology for the waste industry.
Bill Gates, co-founder of Microsoft (NASDAQ:MSFT), and Johnson announced a joint investment of £400 million. The focus will be on technologies such as green hydrogen, long-term energy storage, and sustainable aviation fuel.
This meeting could trigger a new wave of investment over the next 12 months.
The UK’s green credentials are in the spotlight ahead of the hosting of the UN’s COP26 climate summit, with the leaders of China and Russia not attending.
Last year, the United Kingdom said it would prioritize green technologies and set climate targets for economic recovery from the COVID-19 pandemic.
Just last week, the new £5.85 billion investment was approved.