G20 Summit 2023: PM Rishi Sunak announces $2 billion aid to tackle climate change

UK Prime Minister will provide $2bn to the Green Climate Fund – the biggest single funding commitment the country has made to help the world in tackling climate change.The UK will contribute £1.62 billion ($2 billion) to the Green Climate Fund (GCF), which was established by 194 countries following the Copenhagen Accord at COP15, as per the British High Commission in India.PM Sunak marked the end of the G20 meeting in New Delhi, calling on his fellow attendees to take action in reducing carbon emissions and assisting economically vulnerable nations in preparation for the upcoming COP28 climate summit in the United Arab Emirates, according to media reports.The United Kingdom's financial commitment, spanning from 2024 to 2027, reflects a 12.7 per cent increase compared to its contribution from 2020 to 2023, the UK government said.Initiated in 2010 through the Cancún Agreement, the Green Climate Fund (GCF) serves as the financial instrument for the United Nations Framework Convention on Climate Change and the Paris Agreement. Its primary objective is to aid the global community in reaching its objectives for both mitigation and adaptation.The financial commitment announced by Sunak is part of the UK Government's commitment to provide approximately £11.6 billion ($4.46 billion) in international climate financing, according to the statement.