The UK has provided $2 billion to the Green Climate Fund, the UK’s largest individual funding commitment towards climate change, at the G20 Summit in India.
The investment, which equates to £1.62bn, forms part of the UK’s pledge of £11.6bn committed to international climate finance to fund projects that have a positive impact on climate change.
Prime Minister Rishi Sunak said: “The UK is stepping up and delivering on our climate commitments, both by decarbonising our own 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.”
The Green Climate Fund was established at COP15 following the Copenhagen Accord and is the largest global fund dedicated to reducing global emissions and supporting developing countries. 194 countries are involved in the fund.
Climate expert Laimonas Noreika, CEO of HeavyFinance said: “Tackling climate change must be a united global effort, and this major financial commitment will help tackle the huge challenges ahead. Businesses across all industries have a critical role to play, from financial services to agriculture, reducing emissions and going green should be a top priority for all organisations.”
The investment forms part of the UK’s aim of taking a global lead on climate matters, with the UK having cut emissions faster than its fellow G7 nations.
Rishi Sunak used the G20 Summit to call for international collaboration between leaders ahead of December’s COP28 Summit, with the goal of reducing carbon emissions across G20 countries as well as supporting vulnerable economies across the world.