UK to pay compensation to poorer countries affected by climate change

The UK will pay compensation to poorer countries for the effects of climate change for the first time, Rishi Sunak has announced as he heads to the COP 28 summit in Dubai.

The Prime Minister will seek to position Britain as a leader on the push for net zero despite his recent decision to roll back some of the national targets.

He will also hold meetings with Middle Eastern leaders in a bid to ease the crisis in Gaza and find a long-term solution for peace between Israel and Palestine.

But Sir Keir Starmer is also attending the climate summit where he will argue that Labour is now better placed to build ties with allies and provide green leadership.

Speaking before arriving in the United Arab Emirates on Friday, Mr Sunak announced the UK Government would commit an extra £1.6bn in climate funding, with the bulk being spent on clean energy projects.

It includes £60m in “loss and damage” funding – money which is given directly to the countries which are worst affected by climate change despite making only a small contribution to global warming, including small nations in the Pacific and Indian Oceans.

The Prime Minister said: “The world made ambitious pledges at previous COP summits to limit global warming to 1.5 degrees. But the time for pledges is now over – this is the era for action. We know that the technologies and innovations we need to protect the planet are at our fingertips, from the mighty offshore wind farms powering the UK to the solar energy transforming electricity in Africa.

“The transition to net zero should make us all safer and better off. It must benefit, not burden ordinary families. The UK has led the way in taking pragmatic, long-term decisions at home – and at COP 28 we will lead international efforts to protect the world’s forests, turbocharge renewable energy and leverage the full weight of private finance.”

He will attend the opening ceremony of the summit where King Charles is making a speech. Foreign Secretary David Cameron and Energy Secretary Claire Coutinho are also going to COP.

Sir Keir, who is being accompanied by shadow Cabinet ministers Ed Miliband and David Lammy, will promise to “make the UK the green finance capital of the world” in meetings with global investors and political leaders.

Today he will say that Labour would force banks and large companies to calculate and publish their carbon footprints, as well as setting out a plan to cut their emissions in a way compatible to limiting global warming to 1.5 degrees.

The Leader of the Opposition said: “For too long we’ve had a UK government sending the wrong signals when it comes to net zero. While the Conservatives use it to appease their party and sow political division, my Labour government will harness it in the national interest, to turbocharge growth.”