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U.S. to infuse Green Climate Fund with additional $1 billion
5 MINUTE READ
May 3, 2023

 

President Biden said the United States will provide another $1 billion to the Green Climate Fund, money that will support countries especially vulnerable to the devastating effects of climate change.

Those include African nations, least developed countries and small island developing states.

“All of you know as well as I do: The impacts of climate change will be felt the most by those who have contributed the least to the problem, including developing nations,” Biden said April 20. “As large economies and large emitters, we must step up and support these economies.”

Biden made the announcement during the Major Economies Forum on Energy and Climate meeting he convened. The meeting rallied leaders to address the climate crisis and keep a curb on global warming of 1.5 degree Celsius within reach.

The Green Climate Fund supports critically needed adaptation and mitigation projects and capacity building, with an emphasis on working in vulnerable countries. Current approved projects aim to avoid 2.5 billion tons of emissions and boost the resilience of 900 million people.

An aerial view of a strip of land between the Pacific Ocean and a lagoon in 2019 in Funafuti, Tuvalu. Climate change is causing the island to sink. (© Mario Tama/Getty Images)
 

The $1 billion is part of Biden’s pledge to work with the U.S. Congress on quadrupling U.S. international climate financing for developing countries to more than $11 billion annually by 2024.

To date, the GCF has received $18.3 billion in pledges from contributing countries, including the United Kingdom, France, Japan, Germany and Sweden. This additional $1 billion will bring the United States’ total support to $2 billion.

“GCF welcomes President Biden’s announcement of a significant contribution from the United States,” Henry Gonzalez, acting executive director of the Green Climate Fund, said in a statement. “The [money] will increase the resilience of populations in least developed countries, protect small island developing states threatened by climate change, and support the transition to low-emission, climate-resilient development around the world.”