British Prime Minister Rishi Sunak announced on Sunday, during the G20 Leaders Summit in New Delhi, that the United Kingdom will commit $2 billion to the Green Climate

Fund (GCF) to support developing nations in addressing climate change. This commitment stands as the largest single funding pledge made by the UK to date in the global fight against climate change.

The Green Climate Fund (GCF), recognized as the world's largest fund of its kind, was established within the United Nations' climate change negotiations framework. Its primary goal is to facilitate the flow of financial resources to assist less affluent countries in achieving their carbon emission reduction targets, fostering cleaner energy solutions, and adapting to the challenges posed by a warming planet.

The UK has already committed to investing £11.6 billion ($14.46 billion) in international climate finance between 2021 and 2026. According to Sunak's office, the latest pledge represents a 12.7% increase compared to the UK's previous contribution to the GCF for the 2020-2023 period.

In July, The Guardian reported that the UK was considering retracting its flagship climate funding commitment, which the government vehemently denied. Officials clarified that to meet the £11.6 billion target by 2026, it would not require allocating 83% of the total aid budget to the international climate fund.

The Group of 20 (G20) nations, during their summit, adopted a comprehensive declaration that reiterates their dedication to scaling up sustainable finance to assist developing countries in reducing their carbon emissions. The declaration also stressed the need for developing nations to secure between $5.8 trillion and $5.9 trillion by 2030, particularly to meet their emission reduction goals. Photo by Henry Mühlpfordt, Wikimedia commons.