Four months on from the historic agreement of a truly global deal on climate change, countries are coming together in New York to officially seal the deal. I am struck not only by the number of countries here to sign the Agreement, but by the continued momentum of real-world action being taken to cut emissions, with the world's largest emitters now on board and committed to protecting our environment. It's at times like these that I am reminded of what we can achieve when nations work together. As part of the EU, the UK played a key role in landing the deal and this influence needs to continue to make sure climate action happens worldwide.
Climate change is a major threat to UK security and prosperity. That's why the UK passed our Climate Change Act, but we cannot act alone - climate action is cheaper and more effective when we work together. Acting within the EU, a bloc of 500 million people and the world's largest single market, strengthens our global influence, helping us to negotiate with big emitters like the US and China, and secure global climate deals like this one.
Only by staying inside the EU can the UK continue to work with our partners and lead in shaping the climate ambition and action across the whole of our continent. By playing a key role at the top table, we can ensure that we are providing a fair and level playing field for our businesses and maintaining their competitive edge.
Now we need to focus our attention on implementation and action. Since Paris, the message to businesses and investors has been clear: the future is low carbon. We are already seeing significant leadership from business and investors. JPMorgan has recently joined a growing list of big banks which have publicly announced they are pulling out of coal. The Bank of England is at the forefront of international regulators in taking climate change seriously as a risk to financial stability. Furthermore, this summer's Business and Climate Summit will see some of the world's most influential business leaders and policy makers convene in London to create a roadmap to accelerate the transition to low carbon economy.
Last month we made a landmark commitment to enshrining into law the long-term goal of net zero emissions in the second half of the century, agreed in Paris. Renewables now make up a record 27 per cent of our electricity and we are supporting a massive low-carbon industry by backing a programme of new nuclear power.
In this context, leaving the EU would be a serious backward step for the UK and for the climate change agenda. Brexit would fundamentally weaken our influence on future global climate negotiations, such as the UN climate talks. It would mean leaving the EU decision-making table, where we have been so effective in the past at driving EU and wider international climate ambition, while maintaining a level playing field for our businesses. It would create years of uncertainty, damaging low carbon investment in the UK, as we completely renegotiate a new relationship with Europe, and new trade terms with over 50 global markets currently covered by EU trade deals. If we wanted to maintain full access to the EU single market, including for the UK's booming low carbon sector, we would have to take on most of the EU laws of the single market without having any say on them, as Norway is forced to do. This means less sovereignty, not more.
For all these reasons, I sincerely hope that the UK will continue to thrive as a leading member of the EU, at the negotiating table, working with other member states to push the climate change agenda and to protect our planet.
