Smart Grid Observer

Smart Grid Observer

UK Aid Doubles Support to Reduce Global Carbon Emissions

Source: Smart Grid Observer

Supporting projects to protect and preserve natural habitats and projects that reduce emissions and help people adapt to the impacts of climate change.

August 29, 2019 -- The UK's Department for International Development and Department for Business, Energy and Industrial Strategy have pledged to contribute £1.44bn to the Green Climate Fund over the next four years. This doubles the UK’s previous contribution of £720m between 2014 and 2019.

Since GCF programmes began in 2015, the GCF has provided $5.2 billion to fund 111 projects and mobilised over $13.5 billion of private sector and other co-investment.  The GCF aims to work closely with the private sector to use their expertise and investment. 40% of GCF projects have been delivered in partnership with the private sector.

'I am delighted that the UK is leading the world in a fight against climate change,' Business and Energy Secretary Andrea Leadsom said. 'Having committed to achieving net zero emissions by 2050, we have a responsibility to help other countries do the same.'

More than 40 countries are currently funding projects through the GCF – many alongside the private sector. GCF projects are working with indigenous communities to prevent deforestation in the Amazon, increasing access to clean energy in Rwanda to reduce families’ dependence on diesel and kerosene, and installing solar power water pumps in Ethiopia to help people cope during drought.

The GCF has now invested almost all of its available resources in climate resilience and low carbon projects; this new support will help develop projects from 2020.

The UK sits on the board of the GCF alongside 23 other members from developed and developing countries. The GCF board allocates all funding, and as a major donor the UK, among other countries, gets a significant say on spending decisions.

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