UK sets a benchmark with a historic $2B pledge to the UN’s Green Climate Fund. Will this spur a global race to finance climate change mitigation efforts?
In a historic move, the UK has pledged to contribute $2 billion to the Green Climate Fund (GCF) to assist developing nations in battling climate change. The announcement was made by Prime Minister Rishi Sunak during the G20 Leaders Summit held in New Delhi.
This commitment marks the UK's largest single funding pledge to date in the global fight against climate change, according to a government statement. The GCF, established under the United Nations, is the world's largest fund of its kind, designed to facilitate financial aid to poorer countries.
This aid helps them meet targets for reducing carbon emissions, developing cleaner energy solutions, and adapting to a warmer climate.
According to Reuters,
Earlier in July, there were reports suggesting the UK planned to abandon its flagship climate funding pledge. However, the government dismissed these claims as false. Officials noted that fulfilling the £11.6 billion target by 2026 would necessitate allocating 83% of the total aid budget to the international climate fund.
The G20 nations, in a declaration, emphasized their dedication to augmenting sustainable finance to aid developing countries in reducing their carbon emissions. The statement highlighted the necessity for a staggering $5.8-5.9 trillion in funding by 2030 to meet emission targets.
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