The Prime Minister announced at the G20 in India, that the UK will contribute $2 billion to the Green Climate Fund
This is the most significant single financial commitment the UK has made to aid in the fight against climate change.
Uplift significantly contributes to the UK’s commitment to spend £11.6 billion on international climate finance, solidifying our position as a global leader.
Sunak’s promise to the world
The Prime Minister has announced the UK will make the most significant single financial contribution to aiding the most vulnerable people around the world in adjusting to and reducing the effects of climate change as the G20 summit in India ends today (September 10th).
The Green Climate Fund (GCF), established by 194 nations following the Copenhagen Accord at COP15, will receive a contribution from the UK of £1.62 billion ($2 billion). The GCF is the most significant international fund devoted to assisting developing nations in lowering global emissions and assisting communities in coping with the effects of climate change.
The importance of climate change
To reduce their carbon emissions and help vulnerable economies cope with the effects of climate change, leaders were urged to cooperate at the G20 Summit in the run-up to the COP28 Summit in December.
In addition to promising to invest £11.6 billion in international climate finance between 2021 and 2026, the UK has been at the forefront of international efforts to assist developing countries in combating climate change.
The UK’s effort to support green energy
Following the Prime Minister’s declaration at COP27 that the UK would triple their funding for climate adaptation, today’s announcement represents a significant step towards fulfilling this commitment.
Over 95 million people have benefited from UK climate aid since 2011, and over 68 million tonnes of greenhouse gas emissions have been avoided or reduced.
This coincides with the UK’s domestic leadership switching to clean energy sources. With low-carbon sources now providing more than half of our electricity, the UK has reduced emissions faster than any other G7 nation.
In the first three months of 2023, renewable energy generated a record 47.84% of the UK’s electricity, and last year, wind, solar, and hydroelectric output all set new records. The UK is home to the world’s four largest operational wind farms, and last year, we witnessed the most significant increase in the installation of offshore wind capacity ever.
The UK government emphasises the importance of GCF
The UK Government will continue to emphasise the importance of the GCF to deliver results even more quickly and show value for money in all its endeavours.
This increase in the UK’s contribution to the GCF is again expected to place us among the fund’s largest donors. In particular, the GCF is urged to provide better services to the least developed nations and small island developing states, which are the nations most at risk from climate change.
