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U.S. pledges $3 billion for climate aid to poor nations - Global Banking & Finance Review
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US TO PLEDGE $3B TO HELP POOR NATIONS WITH WARMING

Published by Gbaf News

Posted on November 15, 2014

1 min read
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ESG climate finance sustainability

SETH BORENSTEIN, AP Science Writer

US Commits Major Funding to Climate Aid

WASHINGTON (AP) — The United States is giving $3 billion to a United Nations fund to help poorer vulnerable countries prepare for a changing climate and develop cleaner energy.

President Barack Obama is to announce the contribution at meeting of world leaders in Australia.

UN Seeks Billions for Climate Resilience

The United Nations is trying to raise at least $10 billion to help developing nations adjust to rising seas, warmer temperatures, and more extreme weather. It also would help the nations come up with energy sources that limit or reduce heat-trapping carbon dioxide emissions from coal, oil and gas.

American Pledge Sets New Global Benchmark

The American pledge would be the biggest to date and would double contributions to $6 billion, according to international environmental groups.

Previous US Contributions to Climate Funds

In 2008, then president George W. Bush pledged $2 billion to a similar fund.

Key Takeaways

  • The U.S. pledges $3 billion to the UN’s Green Climate Fund to support poorer nations’ climate adaptation and clean energy efforts.
  • This is the largest single-country contribution to date, doubling previous commitments and pushing total toward the $10 billion target.
  • The pledge builds on past initiatives, including a $2 billion Bush-era fund in 2008, and aims to mobilize both mitigation and adaptation projects globally.

References

Frequently Asked Questions

What is the Green Climate Fund?
A UN-established fund under the UNFCCC framework to support developing countries’ climate adaptation and mitigation efforts.
How much is the U.S. contributing and why significant?
The U.S. is pledging $3 billion—the largest single-country contribution—to help make progress toward the GCF’s $10 billion goal.
When and where was the pledge announced?
President Obama announced it at the G20 summit in Brisbane, Australia in November 2014.
How does this compare to previous U.S. commitments?
It builds on a $2 billion pledge in 2008 by the Bush administration to a similar climate fund.

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