The article discusses a significant reduction in the United Kingdom's international climate finance commitments, which are crucial for supporting developing countries in their efforts to combat and adapt to climate change. Here’s an overview of the key points:
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New Commitment: The UK government has announced that it will spend "around £6bn" on international climate finance between 2026-27 and 2028-29.
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Previous Target: This new commitment is compared to a previous target of spending £11.6 billion over three years, which translates to roughly £3.87 billion per year.
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Impact of Inflation: The article calculates the impact of inflation on the previous target using GDP deflator data from 2021-22 as the baseline year. This adjustment shows that in real terms, the new commitment is significantly lower than the previous one.
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Methodology for Calculation:
- Multilateral Development Banks (MDBs): The UK now counts a higher share of MDB contributions as climate finance based on OECD estimates.
- British International Investment (BII): Previously, only 30% of BII commitments were counted as climate
Read the full article at Carbon Brief
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