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It has been reported that the UK plans to cut climate finance support to developing countries suffering from the climate crisis. recent reports indicate a significant reduction, though the exact amount is contested. This reduction plan comes just over a year after developed countries made pledges regarding increased support at COP28 at the end of 2023/beginning of 2024.
The British Guardian reported on the 5th (local time) that the British Treasury plans to reduce climate financial support for developing countries from 11.6 billion pounds (23.1 trillion won) over the past five years to around 9 billion pounds (approximately 11.4 billion USD as of Feb 7, 2024) over the next five years. It decreases by approximately 22.4%. Due to domestic budget pressure, it is interpreted that they will prioritize domestic livelihoods over international commitments.
This plan comes just over a year after developed countries, including the UK, pledged at COP28 in Dubai to continue working towards providing annual support worth $100 billion (KRW 139.5 trillion as of Feb 7, 2024) by 2025, a goal originally set for 2020 but not met. They also agreed to a new collective goal of $300 billion (KRW 441.3 trillion) by 2030 for climate finance. The agreement at the time did not specifically specify how much support each contry should provide, but the Guardian predicted, “It appears that the UK’s cut in support will make it more difficult to achieve the goal.” Climate finance and support for developing countries were also discussed as a major agenda item at the 30th Climate Conference (COP30) held in Belém, Brazil in November last year.
Following the U.S. Trump administration’s withdrawal from the Paris Agreement, it announced it’s withdrawal from its parent organization, the United nations Framework Convention on Climate Change (UNFCCC), and also halted climate financial support. Even the United Kingdom, which has claimed to be a global climate leader, is being criticized for saying it will cut climate finance. Though,it’s crucial to note the US has as rejoined the Paris Agreement under the Biden administration and resumed climate finance contributions.