The UK is doubling support to help developing countries reduce their greenhouse gas emissions, spending £1.44bn over the next four years.
The Green Climate Fund (GCF) supports projects to protect and preserve natural habitats in the developing world, including in the Amazon where wildfires are currently destroying large areas of the forest. It also supports projects that reduce emissions and help people adapt to the impacts of climate change.
The UK’s contribution of £1.44bn over the next four years doubles the UK’s previous spend of £720m between 2014 and 2019.
Since GCF programmes began in 2015, the GCF has provided $5.2bn to fund 111 projects and mobilised over $13.5bn of private sector and other co-investment.
Over 40 countries are currently funding projects through the GCF – many alongside the private sector.
It is estimated that existing GCF projects will help 300 million people cope with the effects of climate change and take the equivalent of 1.5 billion tonnes of carbon dioxide out of the atmosphere.
Business and Energy Secretary Andrea Leadsom said: ‘I am delighted that the UK is leading the world in a fight against climate change. Having committed to achieving net zero emissions by 2050, we have a responsibility to help other countries do the same.
‘The Green Climate Fund has supported millions of people in developing countries deal with the impacts of a changing climate. I’m really proud to announce that we are doubling our contribution and continue to work with other nations to tackle this global issue.’
International Development Secretary Alok Sharma added: ‘This is a global problem that requires a global solution. Britain cannot solve such problems alone. Doubling the UK’s contribution to the world’s largest fund dedicated to tackling climate change will enable more investment in prevention and preparedness, and lever further private sector finance so we can achieve our climate change goals.’
Photo Credit – Thomas Barrett