The United Kingdom has pledged guarantees of up to $300 million to the Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP). This initiative, announced by the Asian Development Bank in May, serves as a leveraged guarantee mechanism for climate finance.
The British government's commitment to IFCAP is expected to have a far-reaching impact, potentially unlocking between $1.2 to $1.8 billion in climate financing. This substantial injection of funds is poised to play a pivotal role in reducing greenhouse gas emissions and bolstering infrastructure resilience against the adverse effects of climate change in the region.
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The guarantee announcement comes as world leaders gather for the United Nations General Assembly in New York, where discussions on global sustainability and climate action take center stage. The United Nations' Sustainable Development Goals, established in 2015, serve as a roadmap for addressing critical global challenges. These goals are now more pertinent than ever, as nations grapple with the pressing need to curb climate change and promote sustainable development.
British Foreign Secretary James Cleverly will make this groundbreaking announcement at the UN General Assembly, reaffirming the UK's commitment to combating climate change on the global stage. In addition to the climate finance pledge, Cleverly will also reveal further funding and guarantees amounting to 180 million pounds to support education through the International Finance Facility for Education.
