INCHEON CITY, Republic of Korea, 11 September 2023: Green Climate Fund (GCF) said it welcomes the UK government’s announcement of a USD 2 billion pledge for its second replenishment (GCF-2). Making the statement through a Press release, GCF said the announcement was made by British Prime Minister Rishi Sunak at the G20 Leaders’ Summit, held in New Delhi on September 9.
GCF said the UK has been a long-term supporter of GCF and has been contributing to the Fund since its initial resource-mobilisation period. The UK contributed EUR 1.44 billion (approximately USD 1.97 billion) to the GCF’s first replenishment for the period 2020-23, GCF said and added that the announcement represents a significant 12.7% increase from its commitment for GCF’s first replenishment (GCF-1).
GCF further said the UK is the 8th contributor to announce an early pledge for GCF-2, following Austria, Canada, Czechia, Denmark, Germany, Monaco and South Korea, and added that the country’s pledge is an added boost for the growing momentum surrounding GCF’s second replenishment and in the lead up to the Fund’s High-Level Pledging Conference, in Bonn, Germany, on October 5. Andrew Mitchell, Minister of State for Development and Africa, UK, said the Green Climate Fund plays a critical role in global efforts to limit climate change and address its impacts. He added that the UK’s increased pledge of USD 2 billion to the GCF underlines its sustained commitment to tackling climate change. “Moreover, the scale of the challenge we face demands yet more urgent action, and that is why the UK will work closely with the GCF to accelerate the Fund’s delivery of improved access and greater impact, especially for those countries most vulnerable to climate change,” he said.
Mafalda Duarte, Executive Director, GCF, said: “With its pledge to GCF’s replenishment, the UK is putting its political and financial backing behind bold climate action where it is needed most. The UK has a track record as a leader in international climate finance and a champion of the most vulnerable. I look forward to working closely with the UK to enhance GCF’s business model to deliver on its full potential and meet the expectations of developing countries.”
The release said GCF is the world’s largest climate fund – currently a USD 12.8 billion fund, with USD 48.3 billion total of approved projects, supporting developing nations to meet their targets to reduce carbon emissions, develop cleaner energy sources and adjust to a warming world.