The UK government is set to announce a £330 million fund for developing countries to fight climate change.
As part of the United Nations’ Stockholm +50 event, the UK will contribute to the Global Environment Facility (GEF) – which supports developing nations in mitigating the impacts of rising temperatures.
This investment will take the total amount pledged worldwide through the fund to $5.25 billion (£4.17bn).
The GEF also contributes to protecting natural capital, which is the money that is produced by natural means – including trees that purify the air, pollination of the plants we eat and the oceans that serve as carbon sinks.
Since these resources are being used faster than they are being replenished, the fund will look to increase conservation projects and support the agreement made at COP26 to end deforestation.
International Environment Minister Zac Goldsmith said: “There is no silver bullet. That’s why we need a package of action with investment from all sources – public and private, domestic and international – and why we must align our spending and overseas aid with the recovery of the natural world. Everyone must play their part.”
GEF CEO Carlos Manuel added: “This financing will help developing countries implement the Post-2020 Global Biodiversity Framework and is a testament to the leadership of the UK and other donors.”
Article source: https://www.energylivenews.com/?p=269805