COP28: UK Announces Fresh $2 Billion Contribution To Green Climate Fund

The United Kingdom has pledged a $2 billion contribution to the Green Climate Fund (GCF) at the ongoing COP28 UN Climate Change summit in Dubai, the United Arab Emirates.

The commitment was followed by a strong call to action for other global leaders to follow suit and contribute their share to tackling the existential threat of climate change.

The GCF, established within the UN Framework Convention on Climate Change, plays a key role in assisting developing nations in adapting to and mitigating the devastating effects of climate change.

The UK’s contribution is expected to directly support projects and programmes that empower vulnerable nations to build resilience and transition to sustainable practices.

In related development, the UAE on Friday pledged $200 million to the International Monetary Fund Resilience and Sustainability Trust in the form of concessional financing to build climate resilience in vulnerable countries and communities.

On Thursday, COP28 also witnessed the operationalization of a dedicated ‘Loss and Damage Fund’ with pledges from developed countries exceeding $450 million.

The initial commitments were made by the UAE and Germany which agreed to provide $100 million each while the UK pledged £40m. The United States is providing $17.5m and Japan $10m.

The decisions were realized on the first day of the summit amid growing recognition of the need to provide financial support to developing countries already experiencing the severe consequences of climate change such as frequent floods and droughts.

Developing nations like Nigeria, particularly vulnerable to climate change impacts, stand to benefit greatly from these initiatives.

In his reaction to the parties’ decision on Thursday, COP28 President Dr Sultan Al Jaber, had said the Loss and Damage Fund would support billions of people, lives and livelihoods that were particularly vulnerable to the effects of climate change.

“I want to thank my team for all their hard work to make this possible on day one of COP28. It proves, the world can unite, can act, and can deliver,” he said.

More than 70,000 delegates according to the UN Framework Convention on Climate Change are attending the climate change conference.