Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Sunak plans to drop flagship UK £11.6bn climate pledge

by July 5, 2023
July 5, 2023
Sunak plans to drop flagship UK £11.6bn climate pledge

The government is drawing up plans to drop the UK’s flagship £11.6bn climate and nature funding pledge with the prime minster accused of betraying populations most vulnerable to global heating.

The disclosure provoked fury from former ministers and representatives of vulnerable countries, who accused Rishi Sunak of making false promises.

A leaked briefing note to ministers, given to the Foreign Office highlights the reasons for dropping the UK’s contribution to meeting the global $100bn (£78.6bn) a year commitment to developing countries.

It says: “Our commitment to double our international climate finance to £11.6bn was made in 2019, when we were still at 0.7 [% of GDP spent on international aid] and pre-Covid.” It adds that to meet it by the deadline would be a “huge challenge” because of new pressures, including help for Ukraine being included in the aid budget.

To meet the £11.6bn target by 2026, government officials have calculated that it would have to spend 83% of the Foreign Office’s official development assistance budget on the international climate fund. Civil servants said in the leaked document that this “would squeeze out room for other commitments such as humanitarian and women and girls”.

It also claimed that factors such as Ukraine and debt relief could make it even more difficult to meet the target. This is because the government has cut international aid spending to 0.5% of gross national income since the announcement was made, squeezing budgets across the board, and because ministers did not spend most of the money allocated to the climate fund over the past few years, leaving the majority to be spent by 2026.

The UK spent £5.8bn over the previous five years up to 2021. This was doubled, to spend £11.6bn between April 2021 and March 2026, £3bn of which was earmarked for protecting and restoring nature for meeting commitments made in Cop15 last December.

The projects funded include building renewable energy, helping create low-pollution transport and protecting forests in sensitive areas around the globe.

Former Foreign Office minister Zac Goldsmith, who resigned last week citing what he termed Sunak’s “apathy” towards the environment, said this would “shred” the UK’s international reputation.

Read more:
Sunak plans to drop flagship UK £11.6bn climate pledge

0
FacebookTwitterGoogle +Pinterest
previous post
Brits partied post-Covid – increasing spending by £9bn on clothes and £46bn on going out
next post
How To Start An Investment Portfolio 

You may also like

Business groups ‘welcome’ maths focus to plug ‘skills...

April 18, 2023

Trump’s car tariffs could make UK top export...

March 29, 2025

British industry held back by “flip-flopping” Conservative government...

May 9, 2023

Superdrug adds over 600 jobs and boosts profits...

July 2, 2025

Tax hikes blamed for slide in business confidence...

January 6, 2025

The benefits of advice

June 22, 2024

Apple to put USB-C connectors in iPhones to...

October 27, 2022

Ministers urge RMT union to halt rail strikes...

December 2, 2022

Choosing the Perfect Wedding Photographer A Comprehensive Guide

June 28, 2024

Northern Ireland economy expected to shrink next year

December 9, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Legal group sues FDA over puberty blocker records, citing alleged Biden-era cover-up

      August 30, 2025
    • Lawyers for Cook, DOJ trade blows at high-stakes clash over Fed firing

      August 29, 2025
    • Olivier v. City of Brandon Brief: Protecting the Right to Recover for Free Speech Violations

      August 29, 2025
    • Is Putin stringing Trump along to sidestep US sanctions while bombing Ukraine?

      August 29, 2025
    • House investigators nix Mueller testimony in Epstein probe over health concerns

      August 29, 2025
    • Shakedowns and a Sovereign Wealth Fund

      August 29, 2025

    Categories

    • Business (8,920)
    • Investing (2,256)
    • Politics (16,523)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved