As the G20 leaders’ summit in India concludes, the Prime Minister of the United Kingdom has unveiled the country’s largest single financial commitment to assist the most vulnerable populations in adapting to and mitigating the effects of climate change.

The UK has pledged £1.62 billion ($2 billion) to the Green Climate Fund (GCF), the largest global fund dedicated to helping developing nations reduce emissions and adapt to climate change. This announcement represents a 12.7% increase compared to the UK’s previous GCF contribution for the period of 2020-2023, which itself marked a doubling of the initial funding provided in 2014 to establish the fund.

At the G20 Summit, the Prime Minister urged world leaders to collaborate in reducing their own carbon emissions and supporting vulnerable economies in dealing with climate change impacts ahead of COP28 Summit in December.

The UK has taken a leading role in aiding developing countries combat climate change and has committed to spending £11.6 billion on international climate finance from 2021 to 2026. Today’s pledge significantly contributes to this commitment and aligns with the UK’s domestic efforts to transition to clean energy sources.

The UK has reduced emissions faster than any other G7 nation, with over half of its electricity now coming from low-carbon sources. Renewable energy accounted for a record 47.84% of UK electricity generation in the first three months of 2023, with offshore wind capacity increasing significantly.

In conjunction with the increased GCF contribution, the UK government will emphasise the importance of the GCF delivering results more swiftly and demonstrating value for money in its activities, particularly in assisting the most climate-vulnerable nations, such as Least Developed Countries and Small Island Developing States.