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Revealed: UK plans to drop flagship £11.6bn climate pledge

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece here in The Guardian or enjoy below

🗞 Driving the news: A leaked briefing note seen by the Guardian to ministers indicates that the UK government is considering dropping its £11.6bn climate and nature funding pledge
• The note emphasizes that budgetary constraints, including obligations such as debt relief and assistance to Ukraine, pose challenges to fulfilling the target
The leak has already drawn backlash and accusations of betrayal from former ministers and representatives of vulnerable countries

🔭 The context: The climate pledge is a commitment by developed countries made in 2009 at COP15 and reaffirmed in the 2015 Paris Agreement to provide $100bn annually to support climate change mitigation and adaptation efforts in developing countries
• The UK allocated £5.8bn for climate funding in the five years leading up to 2021, and increased the allocation to £11.6bn for the period from April 2021 to March 2026

🌎 Why does it matter for the planet: Countries expecting the funding, such as Gabon, emphasize the need for developed nations to fulfill their obligations, remarking the need for support of vulnerable populations already affected by climate change

⏭️ What's next: The decision, if implemented, could have far-reaching geopolitical repercussions and diminish the UK's standing on the world stage 
• International groups are critical of the potential funding cut, accusing the UK of squandering its reputation and failing to provide true leadership in addressing the global climate emergency

💬 One quote: ”Gabon is 88% covered by tropical rainforest. We have maintained deforestation below 0.1% over 5 decades and net absorb over 100m tonnes of CO2 annually. Few countries are doing more for the planet. Developed nations, particularly the UK, which was at the origin of the Industrial Revolution, have to do the heavy lifting – but all too often they make false promises” (Lee White, Gabon’s environment minister)

Click for more news covering the latest on Ethical Governance

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