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<p>The OECD figures recently published showed that developed countries were still
significantly short of the $100 billion goal in 2019, mobilising $79.6 billion. We
have seen recent progress. President Biden’s recent announcement that the US is doubling
their climate finance to $11.4 billion by 2024 is a major step towards the achievement
of the $100 billion goal. However, we need all developed countries to step up with
enhanced pledges, and the Presidency is continuing to encourage developed countries
to increase their commitments, including to feed into the Germany-Canada led Delivery
Plan.</p><p>The UK is ensuring a large majority of our international climate finance
is grant-based. We are pressing other donor countries for similarly ambitious commitments.
Under our G7 Presidency, the G7 committed to scaling up adaptation finance, and we
have seen concrete new individual pledges from Canada, Japan, the US, and Denmark
in recent months to this effect. The UK has committed to delivering a balance through
our scaled up ICF and has joined the Champions Group on Adaptation Finance, composed
of donors committed to delivering a balance of adaptation in their climate finance
in response to calls from developing countries.</p>
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