Recommendation 48

The UK is a top contributor to the four multilateral climate funds including the GCF.102 As such, it has influence on their policies and procedures. The UK was also instrumental in the establishment of the Least Developed Countries Initiative for Effective Adaptation and Resilience (LIFE-AR), whose goal is to channel 70% of climate finance directly to 94 Q41 [Gebru Jember] 95 British Red Cross (CDC0028) 96 Q41 – Q44 [Gebru Jember, Questions 41 to 44] 97 Q31 [Julius Ng’oma] 98 Q31 [Julius Ng’oma] 99 Q45 [Eileen Mairena Cunningham] 100 Q45 [Eileen Mairena Cunningham] 101 Q48 [Eileen Mairena Cunningham] 102 Of the estimated £21.4 billion held by the four main multilateral climate funds - the Adaptation Fund, the Climate Investment Funds (CIF), the Global Environment Facility (GEF), and the Green Climate Fund (GCF), the UK is responsible for almost one-eighth of all pledges made by donor countries. Source: International Development Committee calculations (as of 8 October 2021). 20 Global Britain in demand: UK climate action and international development around COP26 local levels in LDCs.103 Yet, we heard that the UK had only provided funding to LIFE-AR on an annual basis to date, as opposed to the 10-year partnership funding requested by the LDC Group.104