NEW YORK (September 27, 2015)— France and the UK announced increases in the amount of climate finance they will be providing in the coming years. France committed to increase its climate finance by €2 billion a year (around US$2.25 billion) to deliver a total of €5 billion a year by 2020, and the UK announced it will provide £5.8 billion (around US$8.8 billion) from its foreign aid budget for climate finance between 2016 and 2021. The announcements came during the summit launching the Sustainable Development Goals and heads of state meeting at the UN General Assembly.
Following is a statement from Dr. Andrew Steer, president & CEO, World Resources Institute:
“These countries are injecting momentum into the climate talks by supporting the world’s poorest in responding to climate change and promoting growth. As President Hollande has said, a global climate agreement won’t be possible without adequate financial support for developing countries. With these announcements, the governments of France and the UK are showing determination to achieve a successful outcome at the COP in Paris.
"We look forward to getting more information on the nature of these contributions, noting that developing countries have emphasized the particular need for grant-based finance for adaptation.
“These new commitments build on Germany’s announcement in May that it would double its climate finance to €4 billion a year by 2020, and announcements earlier this week from China that it would provide $3.1 billion in climate finance, and from the Asian Development Bank that it would double its climate finance from $3 billion to $6 billion per year by 2020.
“Other developed countries and multilateral banks now need to come forward with ambitious contributions.
“Although $100 billion is just a small share of what’s needed, it can help shift the trillions of dollars in financial markets. Agreeing on a clear pathway to reach the $100 billion goal is vital to build trust in the climate negotiations. With just a few weeks left before Paris, it’s time for others to step forward.”