The UK’s largest single climate funding commitment boosts GCF’s second replenishment and global climate action

The Green Climate Fund (GCF) has welcomed the UK government’s announcement of a USD $2billion (£1.62 billion) pledge for its second replenishment (GCF-2). The announcement was made by Prime Minister Rishi Sunak at the G20 Leaders’ Summit in New Delhi on 9 September 2023.

The UK has been a long-term, committed supporter of GCF, contributing to the Fund since its initial resource mobilisation period. The UK contributed £1.44bn to the GCF’s first replenishment for the period 2020-23. Th announcement represents a significant 12.7% increase from its commitment for GCF’s first replenishment (GCF-1).

GCF warmly welcomes the UK’s generous contribution and consistent support, which is a mark of the country’s commitment to global climate action. The UK is the 8th contributor to announce an early pledge for GCF-2, following Czechia, Austria, Germany, Monaco, Canada, Denmark and South Korea. The country’s pledge is an added boost for the growing momentum surrounding GCF’s second replenishment and in the lead up to the Fund’s High-Level Pledging Conference in Bonn, Germany on 5 October 2023.

Post the G20 Summit, Andrew Mitchell, Minister for Development said, “The Green Climate Fund plays a critical role in global efforts to limit climate change and address its impacts. Our increased pledge of US$2billion to the GCF underlines our sustained commitment to tackling climate change.

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“The scale of challenge we face demands yet more urgent action and that is why the UK will work closely with the GCF to accelerate the Fund’s delivery of improved access and greater impact, especially for those countries most vulnerable to climate change.”

Mafalda Duarte, GCF Executive Director said, “With its record pledge to GCF’s replenishment, the United Kingdom is putting its political and financial backing behind bold climate action where it is needed most. The UK has a storied track record as a leader in international climate finance and as a champion of the most vulnerable. I look forward to working closely with the UK to enhance GCF’s business model so that it can deliver on its full potential and meet the expectations of developing countries.”

GCF is the world’s largest climate fund – currently a USD 12.8 billion fund, with USD 48.3 billion total of approved projects, supporting developing nations to meet their targets to reduce carbon emissions, develop cleaner energy sources and adjust to a warming world.