The US will provide $3 billion to a global climate fund, Vice President Kamala Harris announced on Saturday at the UN’s COP28 meeting. This is the US’s first commitment to the fund since 2014.
Harris said at the climate summit in Dubai, “Today, we are demonstrating through action how the world can and must meet this crisis.”
The additional funds will be deposited into the Green Climate Fund (GCF), which was established in 2010, pending approval by the US Congress.
In 2014, then-President Barack Obama made the final US contribution to the fund for developing countries, contributing $3 billion.
US President Joe Biden sent Harris in his place to COP28.
The world’s biggest climate fund funnels grants and loans for adaptation and mitigation projects in developing countries, such as solar panels in Pakistan or flood management in Haiti.
Prior to the US announcement, $13.5 billion had been pledged to the GCF.
Tensions and mistrust have increased during climate negotiations as a result of wealthier nations’ failure to fulfill their financial commitments to assist developing countries in adapting to climate change.
Developing nations who have the least responsibility for climate change are looking to wealthier countries that emit more pollutants for assistance in adjusting to the more severe and costly effects of extreme weather events as well as in switching to cleaner energy sources.
The GCF is a component of an additional commitment made by wealthy nations to provide $100 billion in climate finance to developing countries each year. Nevertheless, it was most likely fulfilled in 2022, two years later.
