UK to generate £1 billion foreign aid for new clean energy technology

Carbon emissions and growing pollution due to increasing consumption of fossil fuels is a matter of great concern for the world today. Various countries and multinational companies across the world are actively working towards creating new, innovative technologies for reduction of pollution to create a greener planet and to preserve biodiversity on the Earth.

Britain Prime Minister, Boris Johnson reportedly announced that Britain would create a $1.25 billion (£1 billion) fund that would aid scientists across the globe to create and then test new technology that would help developing countries in reducing their respective carbon emissions.

The $1.25 billion fund, called the Ayrton Fund, which is named after British suffragette and scientist Hertha Ayrton, would include aid money for British as well as foreign engineers and scientists in order to develop novel clean energy technology in collaboration with developing countries.

Greta Thunberg, a teenager who sailed across the Atlantic in order to reduce environmental impact of the journey will address the summit.

The UK government is convinced that £1bn funding for clean energy will be kept within Britain’s aid rules, although this would potentially provide benefits to British firms who will strike various deals for their services.

Johnson would call for a higher level of global action in New York at the United Nations General Assembly, in order to tackle the two prominent environmental threats which are climate change and biodiversity loss.

Johnson will also announce another fund of £220 million that would help to save endangered animals such as the African elephant, black rhino, Sumatran tiger and the snow leopard.

Johnson stated that the world cannot sit back and watch while the priceless endangered species get wiped off earth’s surface due to the criminality and carelessness of humans.

The Ayrton Fund is intended to help the developing countries reduce emissions by taking various measures like enhancing large-scale battery technology as a diesel generator replacement, using solar technology, building clean stoves to reduce the use of firewood, adopting electric vehicles and low emission vehicles, reducing emissions from polluting industries like steel and iron.

The 220-million-pound fund for biodiversity would also finance projects in order to curb illegal wildlife trade by further strengthening the law enforcement, helping communities search other ways to earn a living and training anti-poaching rangers.

Great Britain would also invest approximately 40 million pounds towards the protection and preservation of the world’s forests.

 

Source credit: https://energy.economictimes.indiatimes.com/news/renewable/britain-to-create-1-bln-pound-fund-for-clean-energy-technology/71251962