UK climate finance in 2011-26 is estimated to have reduced or avoided greenhouse gas (GHG) emissions by 201mn t, the government said today.
The UK government classes action such as replacing fossil fuels with renewable energy and reducing deforestation towards its goal to curb GHG emissions. It noted that the benefits will continue after a programme closes, and "the expected total lifetime results are much higher than the results achieved so far".
The finance directly supported 159mn people to adapt to the effects of climate change, and installed almost 6GW of clean energy capacity over the same timeframe, government estimates show. A cumulative total of 92.7mn people had improved access to clean energy over the period, the government added.
The UK government committed to deliver £11.6bn ($15.6bn) in international climate finance over the financial years 2021-22 to 2025-26. The government previously confirmed it had met this pledge, as well as previous ones of £3.9bn over 2011-12 to 2015-16 and £5.8bn over 2016-17 to 2020-21. It did not today break down its own spending over the period, but instead set out the estimated results from it. The UK parliament's cross-party International Development Committee in September called for the government to publish disaggregated and "more granular data" on its international climate finance spending.
The UK government's international climate finance programme helped to mobilise £12.6bn in "non-UK government public sources" for climate action in 2011-26, and £13.4bn in private finance, it said today. Public sources include other governments, UN agencies and multilateral or regional development banks, the UK said. Of the total, 60pc went to mitigation — cutting emissions — and 8pc to adaptation. The remainder covered both mitigation and adaptation, it added.
The private finance includes funds from banks — excluding development banks — private companies, non-governmental organisations and the voluntary carbon credit market, the UK said. Of the reported use, 76pc was for mitigation and 18pc was for both mitigation and adaptation. The government's new strategy aims to spur greater amounts of private finance for international climate action.
The UN Cop 31 climate summit begins next week in Antalya, Turkey. Cop negotiations often return to the topic of finance, for developing countries to implement energy transitions and ensure resilience to the effects of climate change.
