Rishi Sunak said that at least 80% of the global economy has committed to net zero or carbon neutrality targets.

‘Our challenge now is to deploy the investment we need to deliver those targets around the world. To do so, we are accelerating three actions today. First, we need increased public investment,’ Sunak said.

He reached out to developing countries, confirming that the G20 is planning to provide debt treatments more swiftly. ‘It’s why the IMF are providing a new, $650bn allocation of special drawing rights. And it’s why we are going to meet the target to provide $100bn of climate finance to developing countries.

‘Over the next five years, we will deliver a total of $500bn investment to the countries that need it most.’