Private sector needs to help nations decarbonise, says UK's Johnson

GLASGOW - British Prime Minister Boris Johnson said on Monday private sector money was needed to help developing countries decarbonise their economies, repeating he believed that a United Nations COP26 summit in Glasgow could succeed.

"We now have a duty to find those funds," he said referring to a $100 billion a year pledge that was made by developed nations in 2020 but is now only expected to be delivered in 2023.

"But we cannot and will not succeed by government spending alone, we in this room can deploy hundreds of billions but the market has hundreds of trillions and the task now is to work together to help our friends to decarbonise."