In a significant announcement at the G20 Leaders Summit in New Delhi, UK Prime Minister Rishi Sunak pledged $2 billion to the Green Climate Fund (GCF) to assist developing nations in tackling climate change.
The GCF expressed its warm welcome for the UK government’s substantial commitment, marking a 12.7% increase from its previous pledge. The UK has been a consistent and long-term supporter of the GCF, with a history of contributions since its initial funding drive.
The Green Climate Fund (GCF) was established as an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) to assist developing countries in mitigating and adapting to the impacts of climate change.
The Green Climate Fund, currently the world’s largest climate fund with a total of $12.8 billion, has approved projects worth $48.3 billion, aiding developing nations in reducing carbon emissions, transitioning to cleaner energy sources, and adapting to a changing climate.
GCF operates through replenishment cycles to secure funding for climate-related initiatives. GCF-1, from 2020 to 2023, received commitments from developed nations, including the UK’s significant £1.44 billion contribution, supporting climate projects in developing countries.
With this new $2 billion commitment, UK becomes the eighth contributor to make an early pledge for GCF’s second replenishment (GCF-2), joining the ranks of Czechia, Austria, Germany, Monaco, Canada, Denmark, and South Korea. This commitment adds momentum to GCF-2 in preparation for the High-Level Pledging Conference in Bonn, Germany, scheduled for October 5, 2023.
Mafalda Duarte, GCF Executive Director said,
“With its record pledge to GCF’s replenishment, the United Kingdom is putting its political and financial backing behind bold climate action where it is needed most. The UK has a storied track record as a leader in international climate finance and as a champion of the most vulnerable. I look forward to working closely with the UK to enhance GCF’s business model so that it can deliver on its full potential and meet the expectations of developing countries.”
Addressing G20 leaders, the 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.
