International Climate Finance: UK aid for low-carbon development – new review
ICAI is today publishing a review of the UK’s International Climate Finance for low-carbon development which found that the UK has demonstrated a convincing approach to joint international action promoting low-carbon development in developing countries through its £5.8 billion International Climate Finance commitment.
The review also praised the UK for its strategic investments in, and influence of, key multilateral initiatives such as the Green Climate Fund, and for encouraging developing countries’ ownership of climate action.
However, the review raised significant concerns about the way DFID has approached the integration of low-carbon development across its portfolio. It also warned that there was still too little information in the public domain about the overall UK International Climate Finance portfolio, including its objectives, geographic spread, and what it was achieving, which could undermine public accountability and hinder the objective of demonstrating to global capital markets the viability of investing in low-carbon development.
Read the full review to find out more.