Sunday, July 21, 2024

Climate Change

G20 Summit: UK commits $2 billion to UN-backed climate fund

September 10, 2023 11:49 AM IST

India | Europe | G20 | UK | Britain | Rishi Sunak | G20 in New Delhi

Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 Leaders Summit in New Delhi.

The pledge would be the biggest single funding commitment the UK has made to date to help the world tackle climate change, a government statement said.

The Green Climate Fund (GFC) – the world’s largest such fund – was set up under United Nations’ climate change negotiations to help channel money needed by poor states to meet their targets to reduce carbon emissions, develop cleaner energy sources and adjust to a warming world.

Britain has committed to spend 11.6 billion pounds ($14.46 billion) on international climate finance between 2021 and 2026.

“Today’s pledge represents a 12.7% increase on the UK’s previous contribution to the GCF for the period of 2020-2023,” Sunak’s office said in a statement.

The Group of 20 nations adopted a wide-ranging declaration on Saturday that including reiterating its commitment to scale up sustainable finance to help developing countries reduce their carbon footprints. It said $5.8-5.9 trillion is required by developing countries before 2030, in particular for their needs to implement their emission targets.

(Inputs from Reuters)

Copyright © 2024 DD India. All rights reserved

Visitors: 1515649

Last updated on: 20th July 2024