As per the reports of Oxfam, Britain is all set to contribute double of its share for the Green Climate Fund.
The Green Climate Fund is a fund which was especially formed in 2009. In this fund rich nations decided to pay nearly $100 billion as a donation for the betterment of under developed countries. The chief aim of the organization is to help developing nations to purchase low carbon energy resources.
Additionally, it will facilitate poor countries to deal with climate change such as floods and droughts. Stefan Krug, the head of Greenpeace Germany’s political unit informed that climate is changing relatively faster than the expectations of people. Unfortunately, the financial support for the affected countries are still extremely low.
Moreover, Krug stated that these pledges will play a vital role in the United Nation climate agreement of 2015.
On the flip side, this year the United Nations has set a goal of approximately $10 billion contribution money for GCF (Green Climate Fund)
Thus far, Japan has provided $1.5 billion, U.S has offered $3 billion. On the other hand, the rest of the donors pledged $9.3 billion for this particular objective. However, the Green Climate Fund informed that funds are insufficient for the help of poor countries.
Jim Yong Kim, the president of World Bank expressed that everyone wished to get more donations from the rich countries.
Therefore, the government authorities of United Kingdom promised to offer a large amount of £720 million to the Green Climate Fund. The amount is almost double the original pay share of the U.N fund.