The UK has been at the forefront of international efforts to assist developing nations in addressing climate change, pledging to invest £11.6 billion in international climate finance from 2021 to 2026.
As the G20 leaders’ summit in India comes to a close on Sunday, the British Prime Minister reveals this major financial contribution, aimed at helping the most vulnerable communities adapt to and mitigate the effects of climate change.
The UK will provide £1.62 billion ($2 billion) to the Green Climate Fund (GCF), established by 194 nations following the Copenhagen Accord at COP15. This fund is the world’s largest dedicated to assisting developing nations in reducing global emissions and adapting to climate change impacts.
This announcement represents a 12.7% increase in the UK’s previous GCF contribution for the 2020-2023 period, doubling its initial funding from 2014.
During the G20 Summit, the Prime Minister Rishi Sunak called on world leaders to collaborate in advance of COP28 this December, urging them to reduce their own carbon emissions and support vulnerable economies in facing climate change consequences.
Addressing the G20 leaders, the Prime Minister stated, “The UK is taking action to fulfill our climate commitments, both by decarbonizing our own economy and aiding the world’s most vulnerable in tackling climate change impacts. This is the kind of leadership expected from G20 countries, and our government will continue to set an example in building a more prosperous and secure UK and world.”
The UK has been at the forefront of international efforts to assist developing nations in addressing climate change, pledging to invest £11.6 billion in international climate finance from 2021 to 2026.
This announcement represents a substantial step toward fulfilling this commitment, following the Prime Minister’s announcement at COP27 to triple funding for climate adaptation.
Since 2011, UK climate aid spending has supported over 95 million people in coping with climate change impacts and has reduced or prevented over 68 million tonnes of greenhouse gas emissions.
These efforts complement the UK’s domestic leadership in transitioning to cleaner energy sources. The UK has achieved emissions reductions at a faster rate than any other G7 nation, with low-carbon sources now constituting over half of the country’s electricity generation.
The first quarter of 2023 saw renewables contribute to a record-breaking 47.84% of UK electricity generation, with wind, solar, and hydro output reaching historic highs last year. The UK also experienced the largest increase ever in offshore wind capacity installation, hosting the four largest operational wind farms globally.
In addition to this increased contribution to the GCF, the UK government will continue to emphasize the importance of the GCF delivering results swiftly, ensuring value for money in all its endeavours. This includes encouraging the GCF to enhance its support for the countries most vulnerable to climate change, particularly Least Developed Countries and Small Island Developing States.
https://www.financialexpress.com/business/defence-british-prime-minister-announces-historic-climate-aid-pledge-at-g20-in-india-conclusion-3238588/
