UK commits $2B to Green Climate Fund to combat climate change in developing countries

The UK government has pledged $2B (nearly £1.62B) for the Green Climate Fund’s second replenishment (GCF-2). Prime Minister Rishi Sunak announced this commitment at the G20 Leaders’ Summit in New Delhi on September 9, 2023.

This contribution demonstrates the UK’s dedication to combatting climate change and supporting climate-related initiatives in developing countries.

Mafalda Duarte, GCF Executive Director says, “With its record pledge to GCF’s replenishment, the UK is putting its political and financial backing behind bold climate action where it is needed most. The UK has a storied track record as a leader in international climate finance and as a champion of the most vulnerable.”

“I look forward to working closely with the UK to enhance GCF’s business model so that it can deliver on its full potential and meet the expectations of developing countries,” adds Duarte.

Addressing climate change and promoting sustainability

The UK has pledged $2B for GCF-2, a 12.7 per cent increase from its previous contribution in GCF’s first replenishment for the period 2020-23.

The UK is the eighth country to pledge support for GCF-2, boosting momentum for the Fund’s second replenishment and the upcoming High-Level Pledging Conference in Germany on October 5, 2023.

Post the G20 Summit, Andrew Mitchell, Minister for Development says, “The Green Climate Fund plays a critical role in global efforts to limit climate change and address its impacts. Our increased pledge of $2B to the GCF underlines our sustained commitment to tackling climate change.”

“The scale of challenge we face demands yet more urgent action and that is why the UK will work closely with the GCF to accelerate the Fund’s delivery of improved access and greater impact, especially for those countries most vulnerable to climate change,” adds Mitchell.

Brief about GCF

The Green Climate Fund (GCF) claims to be the world’s largest climate fund, with $12.8B in funds and $48.3B allocated to approved projects. It aims to support developing nations in reducing carbon emissions, promoting clean energy, and adapting to the effects of climate change.

Established in 2010 by 194 countries under the United Nations Framework Convention on Climate Change (UNFCCC), GCF operates as the Convention’s financial mechanism. 

The GCF strives to allocate equal funding to mitigation and adaptation efforts, guided by UNFCCC principles.

With the Paris Agreement in 2015, the GCF assumed a crucial role in supporting the agreement’s objective of limiting global temperature rise to below 2 degrees Celsius.