Thank you for contacting me about an international loss and damage fund.
Climate change is the biggest threat to our planet, and tackling it is the number one foreign policy priority of Her Majesty's Government, in line with UN Sustainable Development Goal (SDG) 13. I am encouraged that, in support of this, HMG is doubling its ICF spend to £11.6 billion between April 2021 and March 2026, compared with the previous 5-year commitment of £5.8 billion between April 2016 and March 2021.
UK ICF supports developing countries to reduce poverty and respond to the challenges caused by climate change and environmental degradation. Investments help developing countries to adapt and build resilience to the current and future effects of climate change; pursue low-carbon development; support sustainable management of natural resources; increase access to clean energy; and reduce deforestation.
I am encouraged that at COP26 in Glasgow, more public and private finance was mobilised to support climate action in developing countries than ever before and that the global financial system is aligning behind the ideal of a net zero world. New pledges made at COP26 bring developed countries closer to meeting the $100 billion annual climate finance target in 2022 and ensure it is exceeded after that, as well as mobilising billions in private finance and green investment.
Governments have committed to double the overall finance for adaptation and to better address the threat of loss and damage in climate-vulnerable countries. In addition, ahead of handing over the COP Presidency to Egypt later this year, the UK is working with other countries to build on the commitments made at COP26 and make progress on the Glasgow Dialogue, which will discuss the arrangements for the funding of activities to avert, minimise and address loss and damage. Because of this significant action and investment, I do not believe it is necessary to sign EDM 374 at this time.
The Government has been updating its ICF Strategy to incorporate developments and commitments made at COP26 in Glasgow and aims to publish this soon.
Ultimately, there is more global work to do in the coming years, but the world will look back at the progress achieved at COP26 as the beginning of the end of climate change.