UK to guarantee $300 mln for climate funding in Asia and Pacific

• The UK will offer guarantees to support a climate funding initiative.
• The initiative aims to reduce greenhouse gas emissions.
• The announcement comes at the UN General Assembly.

The UK will offer guarantees of up to $300 million to support a climate funding initiative aimed at reducing greenhouse gas emissions and enhancing climate-resilient infrastructure in Asia and the Pacific.

The Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP), introduced by the Asian Development Bank in May, will receive this guarantee.

The UK believes this guarantee could unlock between $1.2 to $1.8 billion in climate financing, contributing to the achievement of the United Nations’ Sustainable Development Goals.

These goals, established in 2015, are a central focus of the UN General Assembly, which is currently taking place amid geopolitical tensions involving major world powers like Russia, China, the US, and Europe, as they seek to gain support from developing countries.

British Foreign Secretary James Cleverly will announce this guarantee at the assembly in New York, along with additional funding and guarantees worth £180 million to support education through the International Finance Facility for Education.

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