The United Kingdom is set to announce its support for a new fund aimed at assisting vulnerable countries in dealing with the consequences of rising global temperatures. According to sources familiar with the matter, Prime Minister Rishi Sunak will join the United States and the European Union in pledging financial contributions to the landmark loss and damage fund during the upcoming United Nations-backed COP28 summit in Dubai.
The establishment of the fund was finalized at the COP27 summit in Egypt last year, following years of challenging negotiations. Developing nations have long argued that wealthier countries should bear responsibility for helping them cope with the devastating effects of climate change. However, wealthier nations have been cautious to avoid implications of offering "compensation" for their contributions to atmospheric pollution.
Although the final amount to be pledged by the UK is yet to be determined and needs the approval of ministers, it is likely to come from the government's £11.6 billion International Climate Finance pot, which has already been designated for the five-year period until 2026. While the exact size of the fund remains uncertain, earlier this month, the European Union promised "substantial" contributions, while the US Climate Envoy, John Kerry, announced during the Bloomberg New Economy Forum that the US would contribute "several million dollars" to the fund.
Climate finance has been one of the most challenging issues to resolve throughout the three decades of UN-sponsored climate talks. Finally, it appears that wealthy nations have fulfilled their commitment to mobilize $100 billion annually to support developing nations in transitioning to clean energy and adapting to climate change. However, this promise was delivered with a two-year delay, and now new targets need to be agreed upon by 2025. According to recent estimates, developing countries will require $2.5 trillion by 2030 to address the impacts of climate change and boost green investments.
During COP28, the UK is also expected to announce approximately £500 million in new international climate funding for forest projects. Additionally, there are plans to release a joint statement with Canada, France, Japan, and the US regarding the expansion of nuclear fuel. Sunak is also anticipated to announce a forthcoming summit, co-chaired by the UK and Canada, aimed at assisting countries in transitioning away from the use of coal. However, the details of this summit have yet to be finalized.
Earlier this year, Sunak's decision to scale back the UK's green policies raised concerns among allied nations about Britain's leadership on climate issues. In the same week, reports emerged stating that the government intended to broaden the definition of climate aid to fulfill international spending commitments without increasing funding.
The Department for Energy Security and Net Zero did not respond to requests for comments. Sunak's spokesperson, Camilla Marshall, stated in a press briefing on Friday that the Prime Minister would be participating in COP28 "with a record on climate change that the UK can be proud of." Marshall highlighted the UK's fastest decarbonization rate among G7 countries, the ambitious emissions reduction policies, and the country's leading position in the renewable energy sector.