- The UK plans to focus 30% of its investment on climate financing.
- The financing plan will align with the Paris Climate Agreement.
At his address to the United Nations General Assembly, the British prime minister Boris Johnson stated that the country would focus 30 per cent of its investments on climate finance over the next half-decade. The country intends to align its investments with the Paris Climate Agreement, financing low-carbon solutions to accelerate the carbon-neutral economy and build climate resilience of sectors, communities, businesses, and people to climate change.
According to The CDC Group, the UK’s development finance institution, “this new commitment is part of the UK’s contribution to the $100 billion global climate finance target and goes beyond the existing £11.6 billion ($15.7 billion) commitment.”
CDC Group already plans to invest in solutions that reduce carbon emissions in Africa. The continent is set to be severely impacted by the effects of climate change and global warming. According to World bank Projections, climate change and resulting factors will displace about 105 million Africans by 2050.