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Thursday, 10 November 2022 10:05

COP27: major new climate finance package reaffirms UK commitment to supporting developing countries

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Prime Minister Rishi Sunak secured the UK’s COP26 Presidency legacy with a series of announcements on energy transition, climate financing, and forest and nature preservation, as he handed over the baton to Egypt at COP27 on Monday 7th November.

“The question today is: can we summon the collective will to deliver on those promises? I believe we can. By honoring the pledges we made in Glasgow, we can turn our struggle against climate change into a global mission for new jobs and clean growth. And we can bequeath our children a greener planet and a more prosperous future. That’s a legacy we could be proud of," Prime Minister Rishi Sunak said in a release received by Voice of Indonesia on Thursday.

 

The UK continues to deliver on our key funding commitments to spend £11.6 billion by 2025 on international climate finance.

“As President of COP26, the UK led the historic agreement of the Glasgow Climate Pact, which keeps 1.5 degrees alive. Now we must all play our part in implementing the commitments made in Glasgow. Indonesia continues to demonstrate leadership on this agenda, including through its enhanced NDC and its commitment to reach net zero emissions by 2060 or sooner. It is right that the UK continues to deliver our commitments on reducing emissions, supporting developing countries, and meeting our climate finance pledges," British Ambassador to Indonesia and Timor Leste, Owen Jenkins said in the release.

 

Recognizing the existential threat climate change is already posing around the world, the Government committed to triple funding for climate adaptation from £500m in 2019, to £1.5bn in 2025.

Prime Minister Sunak hosted an event to launch the Forests and Climate Leaders’ Partnership. The new group, initially comprising 20 countries, will meet twice yearly to discuss progress on delivering the landmark Forests and Land Use declaration at COP26, which aims to halt and reverse forest loss by 2030 while delivering sustainable development and promoting an inclusive rural transformation.

The Prime Minister also announced a further £65.5 million for the Clean Energy Innovation Facility, which provides grants to researchers and scientists in developing countries to accelerate the development of clean technology. UK climate finance results, published ahead of COP27, provide tangible evidence of the impact of UK climate finance.

These investments help developing countries to adapt and build resilience to climate change, pursue low-carbon economic development, protect, restore and sustainably manage nature, and provide access to clean energy.

UK climate finance has so far supported 95 million people in developing countries to better adapt to the effects of climate change. (VOI)

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