The UK Government announced late last week that it had mobilized more than £4 billion in public and private financing for climate change action in developing countries through its International Climate Finance commitment.
The International Climate Finance (ICF) initiative was introduced in 2011, which led to £3.87 billion worth of spending on climate activities between 2011 and 2015. The initiative was continued, and its new goal is to spend at least £5.8 billion on tackling climate change and protecting vulnerable people in developing countries between 2016 and 2021.
This week the UK Government released its 2018 International Climate Finance (ICF) results which showed that, since 2016, the UK has mobilized £3.3 billion public and £910 million private finance for climate change purposes in developing countries.
“Today’s results show further progress in tackling climate change for the people around the world who are affected most by the devastating impact on their communities and livelihoods,” said Minister of State for International Development, Harriett Baldwin. “Extreme climates cause devastating drought and hunger, and these results reflect the immense impact UK aid is having in supporting some of the world’s poorest and most fragile countries. At the same time, we are helping to make the world safer and cleaner which benefits us all here in the UK.”
More specifically, the 2018 ICF report shows that the UK Government has supported 47 million people, providing support to cope with the impacts of climate change, and provided 17 million people with improved access to clean energy. The UK’s spending has also led to a reduction or avoidance of 10.4 million tonnes of greenhouse gas emissions and the installation of 590 megawatts (MW) of clean energy capacity.
“The UK is hugely proud of our track record as innovators and pioneers in International Climate Finance,” added The Minister for Energy and Clean Growth, Claire Perry. “The UK has already slashed its own emissions by over 40% since 1990 whilst growing our economy ahead of the G7 – creating jobs and prosperity through investment in new cleantech sectors – and we want to share this learning through our overseas development spending. Today’s results show the immense impact that our international climate finance is having on people’s lives in developing countries and beyond, proving that well-directed finance can transform lives, cut carbon and create new global markets for green goods and services.”
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