USA – The US has unveiled plans to allocate US$3 billion to support the United Nations’ Green Climate Fund, a move aimed at assisting developing nations in reducing greenhouse gas emissions and adapting to climate change, reports Bloomberg.
This commitment, disclosed by State Department officials ahead of Vice President Kamala Harris’s address at the COP28 summit, supplements the recent pledges of US$9.3 billion from countries like the UK, France, Germany, and Japan.
This renewed funding marks the second replenishment for the fund and would propel it to its highest-ever level.
The Biden administration’s commitment reflects a broader trend of increased grants, loans, and financial aid directed towards climate initiatives, signaling a pivot from the policies of the previous administration led by Donald Trump.
The announcement is viewed as crucial in reestablishing trust and credibility for the US at COP28. In prior climate negotiations, the inadequacy of financial commitments, along with the delay in reaching the $100 billion annual climate finance target for emerging economies, has stirred distrust and friction among nations.
As the US grapples with its historical contribution to greenhouse gas emissions, having played a significant role in today’s climate crisis, there is mounting pressure to support vulnerable nations most affected by global warming.
Recent US international climate finance initiatives have shown substantial growth, increasing from US$1.5 billion in 2021 to an estimated US$9.5 billion this year. President Joe Biden aspires to exceed US$11 billion in climate funding by 2024.
However, the assurance of this additional funding, spanning 2024 to 2028, hinges on Congressional appropriations.
Similar allocations in the past have faced resistance from Republican lawmakers, posing potential hurdles to fulfilling these financial commitments.
While former President Barack Obama pledged US$3 billion for the Green Climate Fund in 2014, only US$2 billion was delivered, with the latest US$1 billion installment arriving earlier this year.
There are currently no outlined plans to cover the remaining outstanding US$1 billion. Instead, the primary focus is on ensuring the success of this impending replenishment.
Meanwhile, in October, Australia announced its plans to rejoin the United Nations climate fund set up to help poorer countries deal with the challenges of a heating planet ahead of a key donor conference.
Australia withdrew from the initiative under a previous right-wing government in 2018, having contributed about 200 million Australian dollars (US$127.4m) during its four-year membership.
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