The UK has a huge opportunity to lead green investment, says Starmer | green economy

Keir Starmer, who arrived in Azerbaijan for the Cop29 summit, said there was a huge opportunity for the country to stay ahead of other countries in the race for green investment following the election of US President Donald Trump.

Trump's election victory last week cast doubt on global efforts to combat climate change, which the president-elect has called a fraud. But as the highest-ranking world leader attending the summit in Baku, Starmer said global political turmoil could benefit the British economy.

Asked about Trump's position on the climate crisis, Starmer said: Climate is a problem we must solve, and that is why I have said repeatedly that we must show leadership.

But I believe this is more than just an obligation, it's a tremendous opportunity. The UK has a huge opportunity to lead the way in renewable energy. That's why I'm encouraging as much investment as possible in carbon capture, hydrogen and offshore wind.

He added: There is now a global competition to become the global leader in this field. I want us to be in the race and I want us to win the race.

Starmer arrived in Baku on Monday evening as one of only two G7 leaders to attend the summit, along with Italy's Georgia Meloni. Several developed countries are engulfed in political uncertainty, including Germany, where Chancellor Olaf Scholz is about to vote for re-confidence, and France, where President Emmanuel Macron was defeated in the general election earlier this year.

This year's climate conference was overshadowed by the results of last week's US presidential election, as Trump pledged to withdraw the country from the Paris climate agreement for the second time. During the campaign, the president-elect called climate change a big hoax and denounced Biden's green grant package as a green new hoax.

British government officials believe that if Trump begins to unwind Biden-era incentives, he could drive international investors to other countries, and Britain is hoping to secure a chunk of that money.

As part of these efforts, ministers announced Monday evening that they would provide offshore wind developers an additional $27 million per GW of capacity they create to help build their supply chains. The money will be paid on top of subsidies developers have already received as part of the government auction process.

The government is also launching a new financial product to be launched on the London Stock Exchange, giving international investors a quick and easy way to put money into UK green industries.

Starmer told reporters on Monday: Look at where investors are putting their money. They are choosing to invest in renewable energy. Because they know that's where the next big opportunity lies.

The prime minister stopped in Paris on his way to Baku and spent the morning attending Remembrance Day events with French President Emmanuel Macron.

He later told reporters that his bilateral meeting with Macron discussed Ukraine's fight against a Russian invasion that European leaders fear Trump will no longer fund. His son, Donald Trump Jr., posted a photo of Ukrainian President Volodymyr Zelenskiy last weekend with the caption: “POV: 38 days left from losing benefits.

Starmer said after the Paris meeting: I have always said I support Ukraine as long as we need it, and I did.

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But he did not say whether the two had discussed trying again to persuade outgoing President Joe Biden to allow Ukraine to use Storm Shadow missiles on Russian territory, one of Zelenskyy's key demands.

Once in Baku, Starmer will spend a lot of time talking about climate finance, and this year's Cop was chosen as an opportunity to talk about private investment in green industries.

The Prime Minister pledged to meet Boris Johnson's target of spending $11.6 billion on international climate finance between 2020-21 and 2025-26, saying it was now time for the private sector to start paying its fair share in relation to these commitments.

On Tuesday he is expected to announce how much the government plans to reduce carbon emissions by 2035. The Climate Change Committee has already recommended that the UK reduce carbon emissions by 81% below 1990 levels, but the UK is already on track to meet a separate target to reduce carbon emissions by 68% by 2030.

Starmus' trip to Baku is one of several overseas visits he will make in the autumn, with the prime minister expected to spend 22 of his 77 days abroad since the start of September.

The prime minister defended his international travels on Monday, saying they had helped him further advance his two key priorities: the economy and immigration.

These priorities present a narrower vision of the government's ambitions than the five missions he set out before the election. But these are also the two main reasons why American voters say they voted for Trump.

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