Awani Review

Complete News World

COP 28 |  Washington commits to paying $3 billion to the Green Climate Fund

COP 28 | Washington commits to paying $3 billion to the Green Climate Fund

(Dubai) On Saturday, at the United Nations Climate Change Conference (COP28) in Dubai, United States Vice President Kamala Harris announced a contribution of three billion dollars to the Green Climate Fund, to compensate for years of non-contribution from the richest country in the world.


“I am proud to announce a new $3 billion commitment to the Green Climate Fund, which helps developing countries invest in resilience, clean energy, and nature-based solutions,” said Kamala Harris, who sent to the 28th session.H United Nations Climate Change Conference instead of President Joe Biden.

Washington’s last announcement of a $3 billion contribution also dates back to 2014 and came from then-Democratic President Barack Obama, while several other countries have renewed their contributions in the meantime.

“We are at a pivotal moment. Our collective action, or worse, our inaction, will have consequences for billions of people for decades.

The announcement, even if it was conditional on risky approval from the US Congress, was a long-awaited signal of hope for easing tensions between North and South over international financing, a major knot in UN negotiations on the fighting. Against climate change.

If the promise is fulfilled, the United States would become the fund’s largest contributor in absolute terms at $6 billion. But the United Kingdom ($5.1 billion, according to the NGO NRDC), Germany ($4.9 billion), and France ($4.6 billion) contribute much more, in proportion to their populations.

The Green Climate Fund, founded in 2010, is the largest operating today.

It funds solar panels in Pakistan, as well as agricultural projects in the Philippines or any other related initiatives aimed at helping developing countries move away from fossil fuels or adapt to a more dangerous climate.

See also  House of Representatives: Kevin McCarthy suffers fourth failure

According to the Fund, more than four billion dollars have been disbursed so far and $13.5 billion has been committed. But his ambitions are greater: he wants to increase his capital, which currently stands at $17 billion, to reach $50 billion by 2030.

Since the Paris Agreement in 2015, it has played a key role in fulfilling part of developed countries’ pledge to provide $100 billion annually in climate aid, a promise that may not have been fulfilled until last year and became a red cloth in international negotiations. .