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UK Commits $2 Billion to Green Climate Fund in Major Boost for Global Climate Action

ESGUK Commits $2 Billion to Green Climate Fund in Major Boost for Global Climate Action

The Green Climate Fund (GCF) has received a significant boost with the UK government’s pledge of USD $2 billion (£1.62 billion) for its second replenishment (GCF-2). Prime Minister Rishi Sunak announced this commitment at the G20 Leaders’ Summit in New Delhi on September 9, 2023.

The UK has been a steadfast supporter of the GCF, contributing to the fund since its initial resource mobilization period. The UK previously pledged £1.44 billion to the GCF’s first replenishment for the 2020-2023 period. This new announcement represents a substantial 12.7% increase from its commitment for GCF-1.

The GCF welcomes the UK’s generous contribution and its consistent support, highlighting the country’s dedication to global climate action. The UK is the eighth contributor to announce an early pledge for GCF-2, joining other nations like Czechia, Austria, Germany, Monaco, Canada, Denmark, and South Korea. The UK’s pledge adds momentum to the growing support for GCF’s second replenishment, leading up to the Fund’s High-Level Pledging Conference in Bonn, Germany, on October 5, 2023.

The GCF is the world’s largest climate fund, with a current size of USD 12.8 billion and a total of USD 48.3 billion in approved projects. It supports developing nations in achieving their targets for carbon emissions reduction, clean energy development, and adaptation to a warming world

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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