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UK to launch £1B fund to help poor countries achieve climate targets

U.K. Prime Minister Boris Johnson will announce on Sept. 23 at the U.N. General Assembly funding of up to £1 billion to develop new technologies that help tackle climate change in developing countries.

The new Ayrton Fund will help developing countries transform their energy sector by providing affordable electricity for around one billion people who are still off the grid; enhancing large-scale battery technology to replace polluting diesel generators; reducing the carbon output of major industries like steel and petrochemicals; and designing low-emission and electric vehicles to cut pollution.

"This innovative use of aid money benefits all of us and shows how we can use our aid budget to tackle climate change," Johnson said. "The Ayrton Fund will back scientists and our world-leading tech industry — reducing emissions in the poorest countries with the help of our home-grown talent."

Britain has already cut its emissions by over 40% due to investment in renewable energy sources — which is faster than any other G20 country — and is putting effort into developing zero-emission transport in the U.K. and worldwide.

"Climate change will hit the poorest communities hardest and fastest," International Development Secretary Alok Sharma said. "The U.K.'s pioneering work through the Ayrton Fund will find innovative ways to develop clean energy solutions for homes, which will transform the lives of the most vulnerable."