UK commits $2 billion to Green Climate Fund; check details here

A day after G20 leaders committed to talking climate change and assuring developed countries will contribute climate funds for developing nations, United Kingdom has committed $2 billion towards Green Climate Fun. This is said to be one of the biggest funding commitment the UK has made to help the world tackle climate change. This  contribution follows UK Prime Minister’s announcement at COP27 that the UK would triple our funding for climate adaptation.

The UK will contribute £1.62 billion ($2 billion) to the Green Climate Fund (GCF), which was established by 194 countries following the Copenhagen Accord at COP15. The GCF is the largest global fund dedicated to supporting developing countries to reduce global emissions and helping communities adapt to the effects of climate change.

This $2 billion commitment represents a 12.7 per cent increase on the UK’s previous contribution to the GCF for the period of 2020-2023, which was itself a doubling of their initial funding to establish the fund in 2014.

In addition to the funding, the UK government will continue to stress the importance of the GCF delivering results with even greater speed, demonstrating value for money in all of its activities. This includes asking the GCF to further improve its delivery for those countries most vulnerable to climate change, particularly Least Developed Countries and Small Island Developing States.

While addressing the G20 leaders, UK Prime Minister Rishi Sunak said, “The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world’s most vulnerable to deal with the impact of climate change. This is the kind of leadership that the world rightly expects from G20 countries. And this government will continue to lead by example in making the UK, and the world, more prosperous and secure.”

He also called for leaders to work together ahead of the COP28 Summit schedule in Dubai this December to both reduce their countries’ own carbon emissions and support vulnerable economies to deal with the consequences of climate change.

United Kingdom also stated that it has cut emissions faster than any other G7 country, with low carbon sources now accounting for more than half of our electricity. And since 2011, UK climate aid spending has helped over 95 million people cope with the effects of climate change and reduced or avoided over 68 million tonnes of greenhouse gas emissions.

Also read: G20 Summit: $5.9 trillion required by developing countries to meet Paris climate goals