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In response to Indian Prime Minister Narendra Modi’s appeal for increased funding to support developing economies, Rishi Sunak announced a record UK commitment to—the Green Climate Fund (GCF).
Downing Street stated that the Prime Minister Sunak would declare that the United Kingdom will donate two billion US dollars (£1.6 billion) to the Green Climate Fund (GCF) to commemorate the conclusion of the G20 leaders’ conference in New Delhi on Sunday.
According to the officials, it is the UK’s largest ever financial commitment to the global effort to combat climate change. The boost will make up a large portion of the £11.6 billion in International climate finance that the United Kingdom’s administration has promised to expend.
This comes after Prime Minister Narendra Modi, who is presiding over the G20 meetings in India, called for richer nations to provide assistance to developing countries fighting against the effects of climate change, which are being felt in the form of more extreme weather and rising sea levels.
“Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology,” PM Modi stated in an editorial prior to the summit.
The Green Climate Fund, which was set up by 194 nations as part of the Copenhagen Accord at COP15, serves as the catalyst for funding projects and programmes which tackle climate change.
A release by the UK Government stated, “Today’s pledge represents a 12.7% increase on the UK’s previous contribution to the GCF for the period of 2020-2023, which was itself a doubling of our initial funding to establish the fund in 2014,”
During his speech at the G20 Summit, Sunak emphasised the necessity of taking urgent climate action and urged global leaders to join forces in their determination to cut emission levels and support countries dealing with the detrimental implications of climate change.
PM Sunak said, as quoted by the Prime Minister’s Office, “The UK is stepping up and delivering on our climate commitments, both by decarbonising our 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,” he further added.
Leaders from the world’s top economies met at the G20 Summit, which provided a forum for discussion of significant global concerns like climate change, the gender gap, and biofuels among others.
Following the successful G20 Summit, worldwide attention will turn to the upcoming COP28 Summit, when countries are anticipated to make crucial choices and agreements to curb global warming and lessen its effects.
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