United Kingdom pledges to double contribution to Green Climate Fund
After the announcement, UK Business and Energy Secretary Andrea Leadsom commented: “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."
UK International Development Secretary Alok Sharma said: “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.”
Responding to the announcement, GCF Executive Director Yannick Glemarec stated: “The Green Climate Fund welcomes the British government’s commitment to climate action in developing countries. The announcement to double contributions to GCF shows strong UK international leadership in responding to the climate emergency. It is also a sign of trust in the GCF to deliver transformative climate outcomes that help developing countries raise and realise their climate ambitions.”
Today’s announcement marks a doubling of the United Kingdom contribution of GBP 720 million made during the Initial Resource Mobilization period.
The first formal GCF replenishment was launched during the 21st GCF Board meeting in October 2018. The process includes consultation meetings with potential contributors, developing countries, board members and interested stakeholders on the strategic directions of the Fund to respond to the urgency of climate action in developing countries. The second consultation meeting takes place in Ottawa, Canada, from 29-30 August 2019, which will then be followed by a pledging conference in autumn 2019. GCF replenishment is also high on the UN Secretary General’s Climate Action Summit agenda on 23 September. Germany and Norway have already announced a doubling of their contributions to GCF.
GCF has now allocated over USD 5.2 billion to 111 climate projects (with a total value of USD 18.7 billion including co-financing) in 99 countries. In addition to project funding, the Fund has also approved USD 160 million for capacity building activities (known as readiness support) helping 126 developing countries identify and address their most pressing climate finance challenges.