According to various estimates carried out by specialists working with the UN, developing countries are in dire need of receiving yearly investments of roughly $100 billion (€77.34 billion / $62.32 billion) yearly by 2020.It now seems that the UK is ready and willing to make its contribution to raising said sum of money, meaning that the country's Energy Secretary has recently made it public news that the UK will present developing countries with investments of about ₤113 million (€140.2 million / $181.25 million).
The announcement was made during the UN climate talks in Doha.
This money is to be spend on designing and implementing renewable energy projects in Africa, Oil Price explains.
More precisely, the money is to be distributed between two programs intended to cut down on the ecological footprint of Africa's private sector businesses.
Thus, ₤98 million (€121.58 million / $157.2 million) are to be received by the so-called Green Africa Project, whose main goal is that of promoting low carbon energy in the private sector.
On the other hand, ₤15 million (€18.61 million / $24.06 million) will be invested in a program that aims to reduce the greenhouse gas emissions coming from cattle farming and its related activities, whereas ₤1.5 million (€1.86 million / $2.4 million) are to be spent on developing further carbon reduction strategies.
Lastly, ₤14 million (€17.36 million / $22.45 million) will be used to develop small-scale green energy projects in Uganda, as part of the country's “Get Fit” initiative.
Commenting on the UK's decision to help developing countries in this manner, Energy Secretary Ed Davey made a case of how, “Climate change is a global threat and with every passing year, the nature and the extent of that threat grows clearer.”
Therefore, “Climate finance is fundamental to building resilience and capacity for countries to mitigate and adapt to climate change.”
“Our focus will be on results that make a difference on the ground and we are working with a variety of partners, including developing countries, other donors organisations and the private sector to deliver this,” Ed Davey went on to add.