UK to commit $2.7b to UN-backed climate fund, says Sunak at G-20 summit
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The pledge is a 12.7 per cent increase on the UK's previous contribution for the 2020-2023 period, PM Rishi Sunak's office said.
PHOTO: REUTERS
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NEW DELHI - Britain will commit to provide US$2 billion (S$2.7 billion) to the Green Climate Fund (GCF) to help developing countries cope with climate change, said Prime Minister Rishi Sunak on Sunday at the Group of 20 Leaders’ Summit in New Delhi.
The pledge would be the biggest single funding commitment the United Kingdom has made to date to help the world tackle climate change, a government statement said.
The GCF – the world’s largest such fund – was set up under United Nations’ climate change negotiations.
It aims 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 (S$19.7 billion) on international climate finance between 2021 and 2026.
“Today’s pledge represents a 12.7 per cent increase on the UK’s previous contribution to the GCF for the period of 2020-2023,” Mr Sunak’s office said in a statement.
In July, the Guardian reported that the country was planning to drop its flagship climate funding pledge, but the British government said those claims were false.
Government officials calculated that it would have to spend 83 per cent of the total aid budget on the international climate fund to meet the £11.6 billion target by 2026.
The G-20 nations adopted a wide-ranging declaration on Saturday that included reiterating its commitment to scale up sustainable finance to help developing countries reduce their carbon footprints.
It said US$5.8 trillion to US$5.9 trillion is required by developing countries before 2030, in particular for their needs to implement their emission targets. REUTERS
