NEW DELHI : UK Prime Minister Rishi Sunak on Sunday pledged $2 billion to the UN’s Green Climate Fund (GFC), a day after G20 leaders adopted a ‘green development pact’ to speed up measures to tackle the challenges of environment and climate change.
“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,” the UK high commission quoted Sunak as saying.
“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.”
The UK has led international efforts to help developing countries tackle climate change, including by pledging to spend £11.6 billion ($14.4 billion) on international climate finance between 2021 and 2026.
To be sure, increased financing has been a long-standing demand by developing countries, who point to the historical role played by wealthy nations in creating climate change.
The new pledge follows an announcement at the UN’s COP27 meeting in 2022 that the UK would triple its funding for climate adaptation, the high commission said in a press release.
According to climate experts, Saturday’s green development pact by the New Delhi G20 leaders summit gives a significant boost to the zero emission goals.
“The collective pledge by G-20 countries to mobilise $5.9 trillion to implement clean energy technologies is a significant fillip to the net zero emission goals as it addresses the concern of developing world in the financial viability of Climate Change,” said Rajeev Kashyap, VP & MD, Nextracker India, a solar energy solutions firm.
“In addition to playing a vital role in controlling temperature rise and reducing greenhouse gas emissions, the G20 commitment will also offer a compelling impetus to economic growth, spurring employment generation and building new technological capabilities to ensure sustainable development of developing countries.”
“This is particularly relevant for companies that are expanding their capacities in India to cater to the growing demand for solar power and support India’s net zero goals.”
“The transition to a low-carbon economy and decarbonizing business models is no longer a good to do, but a must do. The green development pact laid out by India at the G2O summit is a step in the right direction and will be pivotal in paving the way to a sustainable future for all,” said Tiger Tyagarajan, President and CEO, Genpact.
“We believe that data, technology, and change management are critical levers for companies to tackle the environmental sustainability challenge head on.”
The UK has cut emissions faster than any other G7 country, with low carbon sources now accounting for more than half of its electricity supply. The country saw renewables from wind, solar and hydro generate a record 47.84% of UK electricity in the first three months of 2023, the high commission said.
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Updated: 10 Sep 2023, 10:45 PM IST