Labour to channel multilateral climate finance through UN Green Climate Fund
Jeremy Corbyn, Leader of the Labour Party, pledges that the next Labour Government will show true international leadership and to face up to the climate emergency.
Labour plans to withdraw support from World Bank managed Climate Investment Funds (CIFs), and instead redirect this multilateral climate finance through UN institutions like the Green Climate Fund.
CIFs have been criticised by civil society organisations for exacerbating the climate adaptation finance gap and a lack of democratic governance.
CIFs also concentrate funding to a handful of multilateral development banks (MDBs), which have a chequered record of community engagement, and many (including the World Bank group) have continued to fund fossil fuels since the Paris Agreement.
Labour will instead support the UN Green Climate Fund to as part of its agenda to champion climate justice for the Global South.
Further measures to be adopted include, taking full responsibility for our carbon footprint instead of passing the buck by offshoring our emissions to poorer countries.
Labour will instruct the Committee on Climate Change to measure both the UK’s carbon production and consumption emissions, measure our progress towards reducing them and recommend policy measures to achieve that.
Leader of the Labour party, Jeremy Corbyn, said:
“The UK has huge leverage as the biggest contributor to the Climate Investment Funds managed by the World Bank.”
“Those Funds have been criticised by civil society organisations for lacking democratic accountability. Too much control is concentrated in Multilateral Development Banks which have a chequered track record of community engagement and continue to fund fossil fuels.”