Prime Minister Rishi Sunak announced on Sunday at the G20 Leaders Summit in New Delhi that Britain will commit $2 billion to the Green Climate Fund (GCF) to support developing nations in tackling climate change. This commitment represents the largest single funding pledge made by the UK thus far to address climate change. The GCF, established under the United Nations' climate change negotiations, aims to facilitate financial assistance to impoverished countries, enabling them to reduce carbon emissions, transition to cleaner energy sources, and adapt to a warming world.
According to a government statement, the UK has committed to investing £11.6 billion ($14.46 billion) in international climate finance between 2021 and 2026. The current pledge marks a 12.7% increase compared to the UK's previous contribution to the GCF during the 2020-2023 period. Reports in July had suggested that the UK might retract its flagship climate funding pledge, but government officials refuted these claims. It was estimated that meeting the £11.6 billion target by 2026 would require allocating 83% of the total aid budget to the international climate fund.
During the G20 Summit, the Group of 20 nations adopted a comprehensive declaration reaffirming their commitment to scaling up sustainable finance to assist developing countries in reducing their carbon footprints. It was stated that developing countries require $5.8-5.9 trillion before 2030, particularly to support the implementation of their emission targets.
