The United Kingdom has announced that it will devote 30% of its capital to climate financing over the next five years. The African continent, though reeling from the effects of climate change, still remains one of the most popular investment destinations for British companies.

The United Kingdom, which will host the COP26 Climate Change Conference in Glasgow in 2021, has unveiled its climate finance goals. British Prime Minister Boris Johnson stated in his presentation to the United Nations General Assembly on September 23, 2021, that his country will devote 30% of its assets to climate financing over the following five years.

The goal is to integrate the UK’s investments with the Paris Climate Agreement, which includes financing low-carbon remedies, the transformation to a carbon-neutral economy, and, most importantly, the adjustment and resilience of sectors, societies, companies, and individuals to climate change.

According to the CDC Group, the UK’s development financing institution, “This new commitment is in addition to UK’s current £11.6 billion ($15.7 billion) commitment to the $100 billion global climate financing target. The announcement comes ahead of the COP26 meeting in Glasgow in November 2021”

Africa will be one of the most significant recipients of the UK climate fund. With increased floods and droughts, the continent is one among the world’s largest most affected by climate change. According to the World Bank’s Groundswell report, the integration of these factors will force 105 million Africans to leave their homes by 2050. To prevent this situation, it will be vital to minimizing global warming-causing greenhouse gas emissions by focusing on ecological remedies.

The CDC Group has already been exploring alternatives that generate less Carbon dioxide in its investments in Africa. Also, in recent months, London has contributed funding to Kenya and South Africa for renewable energy production, environmentally friendly housing, and electric mobility.