G20 Summit 2023: UK PM Rishi Sunak Announces Record $2 Billion Aid To Green Climate Fund

G20 Summit 2023: This is the biggest single funding commitment the UK has made towards tackling climate change, a UK government statement said.

In a bid to help the world tackle climate change, UK Prime Minister Rishi Sunak on Sunday announced a commitment of a record $2 billion to the Green Climate Fund (GCF) during the G20 Summit. This is the biggest single funding commitment the UK has made towards tackling climate change, a UK government statement said.

"The pledge represents a 12.7% increase on the UK's previous contribution to the GCF for the period of 2020-2023, which was itself a doubling of our initial funding to establish the fund in 2014," the UK government said.

The Green Climate Fund, headquartered in the Republic of Korea, was established by 194 countries following the Copenhagen Accord at COP15 and supports developing countries in reducing global emissions by financing projects and initiatives.

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"The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world's most vulnerable to deal with the impact of climate change," Sunak said, addressing the G20 leaders.

"This is the kind of leadership that the world rightly expects from G20 countries. And this government will continue to lead by example in making the UK, and the world, more prosperous and secure," he said.

The development comes as Prime Minister Narendra Modi, who is chairing the G20 Summit in Delhi, urged wealthier countries to offer support to developing nations battling the impact of climate change.

On Day 1 of the summit on Saturday, the UK PM called upon world leaders to unite in their commitment to reduce carbon emissions. "The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world's most vulnerable to deal with the impact of climate change," Sunak said, as per a statement by the Prime Minister's Office.

'Trillions Needed To Meet Paris Climate Goals'

The New Delhi Declaration adopted at the summit expressed concern about the current state of global efforts to combat climate change.

To keep global warming to well below 2 degrees Celsius, preferably 1.5 degrees Celsius, the G20 held that developing countries needed 5.9 trillion in the pre-2030 period to implement their respective climate plans.

"To achieve net-zero emissions by 2050, developing countries will require approximately USD 4 trillion annually for clean energy technologies by 2030," the bloc said.

As per the declaration, in order to limit global warming to 1.5 degrees Celcius, the G20 countries arrived at a consensus to pursue efforts to reduce global greenhouse gas emissions by 43 per cent By 2030.