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The prime minister has encouraged companies to start spending money on global climate change as he heads to the COP summit in Baku, Azerbaijan.

On the trip to the Caspian coast, Sir Keir spoke to journalists travelling with him.

He was asked if the UK – which the government says is struggling financially – would commit to spending new money on helping developing countries with climate change.

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There have been calls for a $1tn (£777bn) financing agreement to help less wealthy nations reduce emissions and meet other targets.

Sir Keir told journalists his government would honour the monetary promises made at a previous COP summit under the Conservative government.

This current meeting – COP29 – will then “want to look at a future [climate finance] sum taking us through to 2035, but we’re not making UK commitments in relation to that”, he said.

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Sir Keir added: “I will be making an argument powerfully that now is the time for the private sector to start paying their fair share in relation to these commitments.”

As part of this, a new “capital market mechanism” will be launched on the London Stock Exchange, with Downing Street hoping it will raise £75bn for green investment over the next decade.

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COP29 negotiator ‘optimistic’

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Sir Keir and the government want to take advantage of the surge in green investment as part of their economic growth strategy.

He told reporters he has been clear the “climate challenge” is a “huge opportunity for the UK if we get it right”.

“That is why we have made it one of our missions to have clean power by 2030, and if you look at the inward investment that we have triggered in the last four months, a huge amount of that is on renewables – that is where global investors want to put their investment.

“So I see climate change as an important obligation on which we’ve got to show leadership, but it’s also an incredible opportunity for the UK to get ahead on the world stage, and I am determined we are going to do that.”

Downing Street believes the UK can act as a green financial hub, and use that to bring investment, jobs and growth.

One report suggested the “green economy” grew by 9% last year, while the rest of the UK stagnated, and business urged a pro-green industrial strategy.

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The new government has started approving more projects like onshore windfarms and solar farms.

Increasing growth is key to the plan of Sir Keir and Chancellor Rachel Reeves – but their plans may be difficult to achieve if the economy does not expand at the rate they hope.

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Japan wrote the first stablecoin rulebook — so why is the US pulling ahead?

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Japan wrote the first stablecoin rulebook — so why is the US pulling ahead?

Japan wrote the first stablecoin rulebook — so why is the US pulling ahead?

“Japan prizes systemic stability above innovation speed, while the US is signaling a bigger market-opening play,” said Startale Group’s Takashi Tezuka.

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Binance and Tether are watching Korea closely: Here’s why

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Binance and Tether are watching Korea closely: Here’s why

Binance and Tether are watching Korea closely: Here’s why

Binance and Tether are eyeing Korea’s stablecoin rules that may boost coins pegged to the South Korean won or strengthen USD dominance.

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Nigel Farage’s deportation plan relies on these conditions – legal expert explains if it could work

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Nigel Farage's deportation plan relies on these conditions - legal expert explains if it could work

Explaining how they plan to tackle what they described as illegal migration, Nigel Farage and his Reform UK colleague Zia Yusuf were happy to disclose some of the finer details – how much money migrants would be offered to leave and what punishments they would receive if they returned.

But the bigger picture was less clear.

How would Reform win a Commons majority, at least another 320 seats, in four years’ time – or sooner if, as Mr Farage implied, Labour was forced to call an early election?

How would his party win an election at all if, as its leader suggested, other parties began to adopt his policies?

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Highly detailed legislation would be needed – what Mr Farage calls his Illegal Migration (Mass Deportation) Bill.

But Reform would not have a majority in the House of Lords and, given the responsibilities of the upper house to scrutinise legislation in detail, it could take a year or more from the date of an election for his bill to become law.

Reform’s four-page policy document says the legislation would have to disapply:

The United Nations refugee convention of 1951, extended in 1967, which says people who have a well-founded fear of persecution must not be sent back to a country where they face serious threats to their life or freedom

The United Nations convention against torture, whose signatories agree not expel, return or extradite anyone to a country where there are substantial grounds to believe the returned person would be in danger of being tortured

The Council of Europe anti-trafficking convention, which requires states to provide assistance for victims

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Farage sets out migration plan

According to the policy document, derogation from these treaties is “justified under the Vienna Convention doctrine of state necessity”.

That’s odd, because there’s no mention of necessity in the Vienna Convention on the law of treaties – and because member states can already “denounce” (leave) the three treaties by giving notice.

It would take up to a year – but so would the legislation. Only six months’ notice would be needed to leave the European Convention on Human Rights, another of Reform’s objectives.

Read more:
Women and children will be detained under Farage plans
Far right ’emboldened’ says MP as Starmer faces mounting pressure over immigration

Mr Farage acknowledged that other European states were having to cope with an influx of migrants. Why weren’t those countries trying to give up their international obligations?

His answer was to blame UK judges for applying the law. Once his legislation had been passed, Mr Farage promised, there would be nothing the courts could do to stop people being deported to countries that would take them. His British Bill of Rights would make that clear.

Courts will certainly give effect to the will of parliament as expressed in legislation. But the meaning of that legislation is for the judiciary to decide. Did parliament really intend to send migrants back to countries where they are likely to face torture or death, the judges may be asking themselves in the years to come.

They will answer questions such as that by examining the common law that Mr Farage so much admires – the wisdom expressed in past decisions that have not been superseded by legislation. He cannot be confident that the courts will see the problem in quite the same way that he does.

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