UK aid doubles support to reduce global carbon emissions and help developing countries adapt to the impact of climate change

The UK is doubling support to help developing countries reduce their greenhouse gas emissions as part of efforts to help meet the global targets set in Paris.

The Green Climate Fund 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.

Ahead of the G7 session on climate change and the environment, the Prime Minister announced the UK will double its contribution to the international Green Climate Fund (GCF) – which was established as part of the COP climate change process – over the next four years to adapt to the effects of climate change in the developing world.

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. That’s the same as taking 300 million cars off the road for a whole year or every plane out of the sky for 18 months.

“The World Bank estimates 100 million people are at risk of being pushed into poverty by 2030 if action isn’t taken to tackle climate change. 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,” International Development Secretary Alok Sharma.

Since GCF programmes began in 2015, the GCF has provided $5.2 billion to fund 111 projects and mobilised over $13.5 billion of the private sector and other co-investment.

The GCF aims to work closely with the private sector to use their expertise and investment. 40% of GCF projects have been delivered in partnership with the private sector.

More than 40 countries are currently funding projects through the GCF – many alongside the private sector.

Original source: DFID
Published on 26 August 2019