Prime Minister’s National Statement at COP29: 12 November 2024

Delivered on: 12 November 2024 (Transcript of the speech, exactly as it was delivered)

The United Kingdom is determined to stand alongside those countries on the frontline of the climate crisis today…

And to seize the opportunities of tomorrow.

Because action on climate now is the route towards economic growth…

Energy security…

Better jobs….

And national security in the long term.

To deliver on the Paris Agreement…

And keep 1.5 degrees within reach.

In the first 100 days of my government…

We launched Great British Energy - to create clean British power…

We created a National Wealth Fund - to invest in the green industries and jobs of the future…

We scrapped the ban on onshore wind…

Committed to no new North Sea oil and gas licences….

And closed the UK's final coal power plant at the end of September - becoming the first G7 economy to phase out coal power.

In line with the international agreement at COP28 to transition from fossil fuels…

and the UK's ambitious goal to be the first major economy to deliver clean power by 2030.

Today I can confirm - three months ahead of deadline…

The UK's 2035 international target -

Our nationally determined contribution -

to reduce all greenhouse gas emissions by at least 81% on 1990 levels….

Aligned with 1.5 degrees.

And we urge all Parties -

To come forward with ambitious targets of their own…

As we all agreed at the last COP.

We will work in partnership…

to support other countries to develop their own commitments…

And transition through our forthcoming Global Clean Power Alliance -

And finance will be its first focus.

We will honour the commitment made by the previous government…

to provide £11.6 billion in of climate finance between April 2021 and March 2026….

But we must use public finance as a multiplier…

To unlock much more private investment…

And reform our international financial institutions.

Today we launch the new CIF Capital Market Mechanism, listed on the London Stock Exchange…

With the potential to mobilise up to $75 billion…

in additional climate capital for developing countries over the next decade.

Putting the UK's role as a global financial centre…

at the service of driving the green finance and green energy transitions.

Climate action is at the heart of this government's mission for the protection and prosperity of Britain and the world.

Writ large across our domestic and international priorities…

We are taking the urgent action needed - to protect our planet and its people.