UK Commits $2 Billion to UN’s Green Climate Fund Following G20’s Green Development Pact

UK Prime Minister Rishi Sunak has committed $2 billion to the UN’s Green Climate Fund (GCF), following the adoption of a ‘green development pact’ by G20 leaders aimed at accelerating action on environmental and climate challenges.

Sunak emphasized the UK’s commitment to climate action, stating, “The UK is stepping up and delivering on our climate commitments, both by decarbonizing our own economy and supporting the world’s most vulnerable to deal with the impact of climate change.”

The UK has been at the forefront of international efforts to assist developing nations in addressing climate change, with a pledge to allocate £11.6 billion ($14.4 billion) for international climate finance between 2021 and 2026.

Developing countries have long called for increased financing, highlighting the historical responsibility of wealthier nations in contributing to climate change.

This new commitment follows the UK’s announcement at the UN’s COP27 meeting in 2022 to triple its funding for climate adaptation.

Climate experts view the G20’s green development pact, announced during the New Delhi G20 leaders summit, as a significant boost to achieving zero emissions goals. The pact includes a collective pledge by G-20 countries to mobilize $5.9 trillion for the implementation of clean energy technologies.

Rajeev Kashyap, VP & MD of Nextracker India, a solar energy solutions firm, noted that this commitment addresses the financial viability concerns of the developing world and will not only help control temperature rise and reduce greenhouse gas emissions but also stimulate economic growth, create employment opportunities, and foster technological advancements in developing countries.

Tiger Tyagarajan, President and CEO of Genpact, emphasized the importance of data, technology, and change management in tackling environmental sustainability challenges and praised the green development pact as a step in the right direction toward a sustainable future.

The UK has outpaced other G7 nations in emissions reduction, with more than half of its electricity supply now coming from low-carbon sources. In early 2023, wind, solar, and hydro renewables accounted for a record 47.84% of UK electricity generation.

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