The United States has pledged $3 billion to the Green Climate Fund, Vice President Kamala Harris said on Saturday in Dubai at the U.N. COP28 climate summit. The fund, with more than $20 billion in pledges, is the largest international fund dedicated to supporting climate action in developing countries.
Quick Read
U.S. $3 Billion Pledge to Green Climate Fund: Vice President Kamala Harris announced a new $3 billion pledge by the United States to the Green Climate Fund at the U.N. COP28 climate summit in Dubai. This commitment aims to support climate action in developing countries.
Total Pledges to the Fund: With this latest pledge, the Green Climate Fund has received over $20 billion in pledges. This includes the United States’ new $3 billion commitment and an earlier $2 billion contribution.
Funding Subject to Approval: The pledge is contingent on the availability of funds, as the U.S. Congress, which is politically divided, must authorize the funding.
Purpose of the Green Climate Fund: The fund is dedicated to helping developing countries invest in climate resilience, clean energy, and nature-based solutions. It plays a crucial role in facilitating climate adaptation and the transition to clean energy in vulnerable nations.
Current Funding vs. Needs: Despite significant pledges, the current funds fall short of the estimated $250 billion needed annually by 2030 for developing countries to adapt to climate change.
U.S. Representation at COP28: Vice President Harris leads the U.S. delegation at COP28, including climate envoy John Kerry and other senior officials. Her presence underscores the importance the U.S. places on addressing climate change and sharing its progress in environmental initiatives.
Reuters has the story:
US pledges $3 billion for Green Climate Fund at COP28
Newslooks- DUBAI, (Reuters)
The United States has pledged $3 billion to the Green Climate Fund, Vice President Kamala Harris said on Saturday in Dubai at the U.N. COP28 climate summit.
The fund, with more than $20 billion in pledges, is the largest international fund dedicated to supporting climate action in developing countries.
The latest pledge, which Reuters was first to report, would be additional to another $2 billion previously delivered by the United States.
Sources said the pledge was subject to the availability of funds. The politically divided U.S. Congress needs to authorize the funding.
Harris announced the pledge in her address to the summit.
“Today I am also proud to announce a new $3 billion pledge to the Green Climate Fund which helps developing countries invest in resilience, clean energy, and nature-based solutions,” she said.
The fund’s facilitators said in October that the current second round of replenishments had brought in about $9.3 billion in pledges to fund projects in climate-vulnerable counties between 2024 and 2027.
Even so, pledges so far represent a fraction of roughly $250 billion that developing countries would need every year by 2030 just to adapt to a warmer world, according to the United Nations. In addition to supporting climate adaptation, the fund also finances projects to help countries shift to clean energy.
Harris, who is representing the United States at COP28 in place of President Joe Biden, is part of a U.S. delegation that also includes climate envoy John Kerry and dozens of senior administration officials and cabinet members.
“It was important for both the president and vice president to ensure that a leader from the United States was at COP,” an official said, adding that Harris wanted to “make sure we are telling the world the story of progress that we have made in the U.S.”
