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illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below
🗞️ Driving the news: Britain is set to provide guarantees of up to $300 million to the Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP)
• This commitment aims to reduce greenhouse gas emissions and bolster climate-resilient infrastructure in Asia and the Pacific
🔭 The context: Launched by the Asian Development Bank in May, the IFCAP is a leveraged guarantee mechanism for climate finance
• Britain's guarantee aligns with the United Nations Sustainable Development Goals established in 2015, specifically Goal 9 on promoting inclusive and sustainable industrialization
🌍 Why it matters for the planet: Such financial backing is pivotal in advancing efforts against climate change, particularly in regions vulnerable to its adverse effects
• By promoting sustainable infrastructure and reducing emissions, this guarantee could significantly influence positive environmental outcomes in Asia and the Pacific
⏭️ What's next: British Foreign Secretary James Cleverly is expected to make the guarantee announcement at the UN General Assembly in New York
• Alongside this, he will also reveal further funding and guarantees worth 180 million pounds to support global education via the International Finance Facility for Education
📈 One stat: Britain's backing of the IFCAP has the potential to unlock between $1.2 and $1.8 billion in climate financing
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