The UK government has set out plans to accelerate investment in nature on Thursday, 30 March, as part of its drive to net zero by 2050.
The Green Finance Strategy published on Thursday would set out how the government would encourage green finance for nature-based solutions such as tree planting and peatland restoration and support farmers to access new private sector revenue streams whilst protecting our natural environment.
The government has set a target to raise at least £500 million in private finance to support nature’s recovery every year by 2027 in England, rising to more than £1 billion per year by 2030.
This will support greater biodiversity and contribute to achieving our Environment Targets.
Environment Secretary, Thérèse Coffey MP said: “We need a healthy and thriving natural environment to meet our Net Zero goals and build our resilience to climate change.
Our announcement today sends a signal that the opportunities from investing in our farmland, forestry, peatlands and marine areas are great and offer long term rewards for people and nature.
Government has also set out how it will support climate and nature action across the world with the publication of its 2030 Strategic Framework for international climate and nature action and International Climate Finance Strategy.
The 2030 Strategic Framework sets an ambitious vision for global climate and nature action up until 2030 to keep 1.5oC alive, build resilience to current and future climate impacts, and halt and reverse biodiversity loss.
It will be supported by the new International Climate Finance (ICF) strategy that outlines our commitment to spend £11.6 billion of International Climate Finance between 2021/22 and 2025/26 to help developing countries mitigate climate change.
*Kazakhstan seeks $5.1bn environmental fine for NCOC’s oil field
Kazakhstan has filed a claim for about KZT2.3trn ($5.1bn) from North Caspian Operating Company (NCOC) for breaching environmental protocols at the Kashagan oil project, reported Bloomberg News.
The country’s Ecology and Natural Resources Ministry alleged that NCOC kept more than double the permitted sulphur amount on the Kashagan oil project site.
Located in the Kazakh sector of the Caspian Sea, the Kashagan oil project is estimated to hold recoverable oil resources of approximately 9-13 billion barrels.
In its probe, the ministry found that the company indulged in environmental regulations violation.
This statement comes despite NCOC stating last month that it manages “production and storage of sulphur responsibly, and in accordance with the requirements of the legislation of the Republic of Kazakhstan, as well as in accordance with applicable standards and best practices”.
The environmental fine related to the Kashagan project comes as the government looks to gain greater control over the project’s operating company NCOC, a person privy to the development told Bloomberg News.
In 2022, the Kashagan oil field reduced its production to 50% for about two months because of a gas leak. Currently, the field is producing at full capacity, reported Reuters.
NCOC is a joint venture of the state-owned KazMunayGas (16.88%), Eni (16.81%), Shell (16.81%), ExxonMobil (16.81%), TotalEnergies (16.81%), CNPC (8.33%) and Inpex (7.56%).