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The UK raised its 2035 emissions reduction target by 3 percentage points, setting a new climate goal of reducing greenhouse gas emissions by 81%, up from the previous target of 78%, UK Prime Minister Keir Starmer said at COP29, according to a readout of his remarks. This move aligns with the recommendations of the Climate Change Committee, Bloomberg reported. The UK government is expected to submit a detailed action plan next year, focusing on sectors such as domestic transport and buildings. The target excludes international aviation and shipping emissions.
The higher target is being (relatively) well received: “This is a relatively ambitious target compared with many other nations, and will help build momentum at these talks,” Greenpeace UK’s senior political adviser Rebecca Newsom said, according to Bloomberg. “Starmer’s 2035 carbon-reduction pledge is a step in the right direction but must be seen as a floor to the level of ambition, not a ceiling … if these targets are to be credible, they must be backed by a clear plan to ensure they are met. The UK’s existing 2030 commitment is currently way off course,” Friends of the Earth’s head of campaigns Rosie Downes told The Guardian.
ELSEWHERE IN THE WORLD OF CLIMATE TARGETS-
World Bank remains committed to climate goals despite Trump re-election concerns: Donald Trump’s re-election as US president should not derail the bank’s climate targets, World Bank President Ajay Banga told Bloomberg on the sidelines of COP29. Instead, he urged observers to focus on Trump’s actions rather than his campaign rhetoric. “Let’s watch his actions, watch his deeds and work with him on explaining why these things are good for American business, for European businesses, and for everybody else,” he said.
The World Bank is still on the right path: The World Bank remains on track to meet its climate goals, with 44% of its current loans dedicated to climate projects and an aim to reach 45% by 2025, Banga said. The bank has also expanded debt relief for small island nations impacted by climate crises and plans to launch a Frontier Opportunities Fund to attract investment from pension funds and insurance companies for climate initiatives.
SPEAKING OF WHICH- Trump urged to drop anti-climate agenda: Exxon Mobil CEO Darren Woods urged the US president-elect to reconsider his plan to withdraw the US from the Paris Agreement. In an interview with Bloomberg, Woods emphasized that staying in the pact would allow the US to influence global carbon-cutting policies.
The pitch: Woods argued that participating in international efforts is crucial for balancing emission reductions with the need for affordable energy. Woods also defended the Inflation Reduction Act (IRA), noting its focus on lowering carbon intensity through market-driven solutions. He pointed out that the IRA’s tax credits for low-carbon hydrogen production and other green technologies are essential for justifying investments in the energy transition.
