The UK has supplied $2 billion to the Inexperienced Local weather Fund, the UK’s largest particular person funding dedication in the direction of local weather change, on the G20 Summit in India.
The funding, which equates to £1.62bn, kinds a part of the UK’s pledge of £11.6bn dedicated to worldwide local weather finance to fund initiatives which have a optimistic influence on local weather change.
Prime Minister Rishi Sunak stated: “The UK is stepping up and delivering on our local weather commitments, each by decarbonising our personal financial system and supporting the world’s most weak to take care of the influence of local weather change.”
“That is the form of management that the world rightly expects from G20 international locations. And this authorities will proceed to guide by instance in making the UK, and the world, extra affluent and safe.”
The Inexperienced Local weather Fund was established at COP15 following the Copenhagen Accord and is the most important world fund devoted to decreasing world emissions and supporting growing international locations. 194 international locations are concerned within the fund.
Local weather knowledgeable Laimonas Noreika, CEO of HeavyFinance stated: “Tackling local weather change should be a united world effort, and this main monetary dedication will assist sort out the massive challenges forward. Companies throughout all industries have a essential function to play, from monetary companies to agriculture, decreasing emissions and going inexperienced must be a high precedence for all organisations.”
The funding kinds a part of the UK’s intention of taking a world lead on local weather issues, with the UK having lower emissions sooner than its fellow G7 nations.
Rishi Sunak used the G20 Summit to name for worldwide collaboration between leaders forward of December’s COP28 Summit, with the purpose of decreasing carbon emissions throughout G20 international locations in addition to supporting weak economies internationally.