Dear constituent,
Thank you for contacting me about International Climate Finance (ICF).
Climate change is a very serious threat to our planet and humanity. As the recent Intergovernmental Panel on Climate Change’s report found climate change is already affecting every region of the planet and the world is warming faster than anticipated. I have set out my position more generally here: Climate change - September 2021 | Richard Fuller
The poor in developing countries are likely to be hit first and hardest. I therefore am pleased that the UK’s ICF reaches those most in need and that the Government is committed to doubling the UK’s ICF to £11.6 billion over the next five years. This is within the UK’s ODA budget.
The UK is hosting the UN’s Climate Change Conference 26 (COP26) later this year in Glasgow and, under the UK’s Presidency, the Government has been clear about the importance of developed countries meeting and surpassing the 2009 commitment to jointly mobilise $100 billion of climate finance per year from 2020 through to 2025.
At COP25, countries highlighted that existing sources of funds from a wide variety of sources, including disaster reduction and response funds, respond to loss and damage. I understand they also urged donors and other funds to scale up support relevant to averting, minimising and addressing loss and damage in the most vulnerable countries. At COP26 and in the run up, I am encouraged that the Government is pushing for progress on these actions and is renewing calls for coherent action using climate, development and disaster preparedness and response finance.
The Climate and Environment Ministers of the G7 have made historic commitments to end international coal finance in 2021 and to accelerate the transition towards overwhelmingly decarbonised power systems in the 2030s.
On climate debt, I support the UK Government in pushing for action on debt sustainability as constrained fiscal space and debt vulnerabilities can frustrate efforts to invest in climate action. The UK fully supports the extension of the Debt Service Suspension Initiative to the end of 2021 and is committed to the success of the G20’s Common Framework. Under the Common Framework, private sector creditors will be required to implement debt restructurings on at least as favourable terms as official creditors.
I will continue to monitor further developments closely in the run up to COP26.
Thank you again for taking the time to contact me.
Yours sincerely,
Richard Fuller MP