The additional funds, subject to approval from the US Congress, will be allocated to the Green Climate Fund (GCF), established in 2010.
Vice President Kamala Harris informed the UN’s COP28 conference on Saturday that the United States plans to allocate $3 billion to a global climate fund, marking its initial commitment since 2014.
“Today, we are demonstrating through action how the world can and must meet this crisis,” Harris conveyed at the climate summit in Dubai.
The newly allocated funds, subject to approval by the US Congress, are designated for the Green Climate Fund (GCF), established in 2010.
The most recent US contribution to this fund for developing nations was during President Barack Obama’s tenure, with a commitment of $3 billion in 2014.
President Joe Biden delegated Harris to represent the United States at COP28.
The largest climate fund globally channels grants and loans to support adaptation and mitigation initiatives in developing countries, such as implementing solar panels in Pakistan or enhancing flood management in Haiti.
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Before the US announcement, the GCF had received commitments totaling $13.5 billion.
The failure of affluent nations to honor financial commitments for assisting developing nations in dealing with climate change has heightened tensions and distrust during climate negotiations.
Less culpable developing countries affected by climate change are seeking assistance from wealthier, more polluting nations to adapt to the escalating and costly impacts of extreme weather, as well as to transition to cleaner energy sources.
The GCF contributes to a distinct commitment by wealthy nations to provide $100 billion in annual climate financing to poorer nations. However, this promise was likely fulfilled only in 2022, two years behind schedule.
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