UK Prime Minister Rishi Sunak has committed a record $2 billion to the Green Climate Fund, British High Commission in India said on Sunday ahead of the second day of the G20 Summit.
Established following the Copenhagen Accord at COP15, the GCF plays a pivotal role in financing projects and initiatives aimed at countering the climate emergency on a global scale.
“Today’s pledge represents a 12.7% increase on the UK’s previous contribution to the GCF for the period of 2020-23, which was itself a doubling of our initial funding to establish the fund in 2014,” according to a UK government release.
During his address at the G20 Summit in New Delhi, the British leader highlighted the urgency of climate action. The two-day event concluded on Sunday.
Sunak also called on world leaders to unite in their commitment to reduce emissions and offer assistance to countries facing the adverse effects of the emergency.
The UK is stepping up its efforts and delivering on its climate commitments by decarbonising its own economy and helping the most vulnerable nations to deal with the impact of climate change, Sunak mentioned, as quoted by the Prime Minister’s Office.
World’s Attention To Shift To COP28 Summit In Dubai
The summit brought together leaders from some of the largest economies in the world and offered them a platform to discuss pressing international issues, including global warming.
It concluded with a number of key developments, including the adoption of G20 New Delhi Leaders’ Declaration that emphasised territorial integrity to safeguard peace and stability.
The declaration called for upholding international law and avoiding the use of force to grab territory. But it failed to condemn Russia for the war, drawing flak from Kyiv. The war-ravaged nation, who said the declaration “was nothing to be proud of”, wasn’t invited this year.
In an unprecedented move, the African Union was inducted on Saturday as the new permanent member of the group, offering developing countries a greater say in global decision-making.
On Day 1 of the summit, India announced the launch of the Global Biofuel Alliance, which could help better address emissions targets by facilitating trade in biofuels derived from plant waste.
Also Read: Top Global Ports May Be Unusable by 2050 Without Climate Action
After the debatably successful G20 meeting, the world’s attention will shift to the upcoming COP28 Summit in Dubai, where countries are expected to make crucial commitments to limit global warming and mitigate the effects of the climate emergency.
