The UK has made its largest-ever funding pledge of $2 billion (£1.65bn) to the Green Climate Fund (GCF) during the G20 Summit in India.
The commitment contributes significantly to the UK’s overall pledge of £11.6 billion for international climate finance.
Addressing G20 leaders, Prime Minister Rishi Sunak said: “The UK is stepping up and delivering on our climate commitments, both by decarbonising our own economy and supporting the world’s most vulnerable to deal with the impact of climate change.
“This is the kind of leadership that the world rightly expects from G20 countries. And this government will continue to lead by example in making the UK, and the world, more prosperous and secure.”
Prime Minister Rishi Sunak has restated the UK’s commitment to achieving its net zero carbon emissions goal but expressed a desire to avoid what he termed “hair shirt” policies that could adversely affect British consumers.
Speaking during the G20 summit in India, Prime Minister Sunak highlighted the potential benefits of pursuing net zero targets in a manner that supports job creation.
Mr Sunak said: “The net zero story for me shouldn’t be a hair shirt story of giving everything up and your bills going up. That’s not the vision of net zero that I think is the right one for the UK.”
The Prime Minister stressed that the narrative around net zero should not revolve around significant sacrifices and increased bills for consumers.
Instead, Mr Sunak proposed a vision where the transition to net zero is conducted in a way that balances environmental goals with economic stability.