Climate finance pledge under pressure, memo shows

The report explains how the government has chronically underspent and will likely fail to reach its 2026 goal as a result.

It also notes that redistributing almost 83% of the overall global aid budget to climate would be necessary to catch up.

The government has reiterated its intention to fulfill the guarantee.

As a representative of the administration put it, “we are delivering on that pledge.” The government has pledged to spend £11.6 billion on international climate finance.

In 2019, the UK’s then-prime minister, Boris Johnson, promised to increase the country’s international climate financing (ICF) spending to at least £11.6bn between 2021/22 and 2025/26. This funding is intended to assist developing countries in mitigating the effects of climate change.

The administration, the briefing report cautions, has “subsequent turbulence” (relating to economic shocks like the Covid epidemic) behind it.

Since then, overall funding for international aid has been reduced to 0.5% of GDP from 0.7%.

Government employees have determined that if the United States is to accomplish the ICF objective by 2026, it will require a “reorientation” of the budget on a scale “not previously achieved” by spending 83% of the overall foreign assistance budget on climate.

This would leave no money for initiatives “specifically targeted at helping women and girls,” as stated by government officials.

The hottest day on record for the entire planet
This comes after the Tory peer Lord Zac Goldsmith resigned from the cabinet of Prime Minister Rishi Sunak last week, citing the prime minister’s “apathy” towards climate change as the reason for his departure.

His resignation letter was caustic, accusing the government of reneging on major environmental obligations like allocating £11.6 billion of UK aid to climate and environment and stepping down as a global leader.

The final year of expenditure falls after the next general election and will thus be the problem for the future government, not this one, he stated in his letter, explaining why the current administration has not had to come clean on the failed pledge.

Mr. Sunak maintained that Lord Goldsmith resigned after being asked to apologize for remarks he made about the Privileges Committee investigation into Boris Johnson’s conduct and if he had wilfully deceived the House of Commons as prime minister.

Although Lord Goldsmith admitted that his resignation was “long overdue,” he denied any wrongdoing.

The UK’s International Climate Fund (ICF) helps the world’s poorest countries mitigate the effects of climate change and take action to address its causes, such as deforestation and carbon emissions.

As such, it contributes to the annual $100 billion pledged by the international community to climate finance for developing countries.

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