The Chancellor will lead the event on Wednesday morning marking the progress made on delivering the financial support which was part of the Paris Agreement agreement signed five years ago. The masterplan will mobilise private finance and reset the financial sector to spring into action. Mr Sunak will also reveal plans to make the UK the net-zero financial centre of the world, including ambitious targets to slash harmful greenhouse emissions.

       The landmark announcement comes a week after Mr Sunak was confronted with significant backlash for halving the tax on domestic flights in the autumn Budget.

       Labour accused the Chancellor of going “headlong in the wrong direction” about tackling climate emergency at a pivotal point for Britain.

       However, air passenger duty was increased by ￡4 on “ultra-long” flights of more than 5,550 miles, from ￡87 to ￡91.

       Mr Sunak said the new ultra-long-haul band was fair because it meant “the further you’re flying, the more emissions, then you will pay a higher rate”.

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