As residents of a city particularly affected by polluting emissions, I am sure that everyone will join me in welcoming the global deal that culminated from the Paris talks. Every country in the world has now signed up to play its part in halting climate change and the deal will limit global temperature rises, and avoid the worst impacts of climate change, which is vital for our long-term economic and global security.
The deal sets out the long-term goal of net zero emissions by the end of the century, which can be accomplished by using sustainable sources of power and innovative new technology, such as LPG powered cars and taxis similar to the one I recently rode in. Progress will be assessed every five years and new, more ambitious commitments will have to be made. There will also be $100 billion made available to poorer, vulnerable nations in order to mitigate and adapt to the effect of climate change.
Britain is already leading the way and I was pleased to hear that we will be one of the first developed countries to take coal out of the energy mix completely, with the recent announcement that all coal-fired power stations where carbon emissions aren't being captured and stored will be closed by 2025. Renewable capacity has trebled since 2010, and the Government has sent clear signals to investors and businesses about the shift to a low carbon economy.
I believe that the most important area of work is helping developing countries. The actions of these nations is vital, but too often they are the ones who cannot afford to take the necessary measures. For our part, the Government has announced a 50 per cent increase in the International Climate Fund, for helping developing countries to tackle and adapt to climate change.