US pledges $3 bln for Green Climate Fund at COP28

US pledges $3 bln for Green Climate Fund at COP28
# 02 December 2023 13:41 (UTC +04:00)

The United States has pledged $3 billion to the Green Climate Fund, Vice President Kamala Harris said on Saturday as she arrived in Dubai for the U.N. climate summit, APA reports citing Reuters.

The fund, with more than $20 billion in pledges, is the largest international fund dedicated to supporting climate action in developing countries.

Sources said the pledge was subject to the availability of funds. The politically divided U.S. Congress needs to authorize the funding.

Harris announced the pledge in advance extracts of her address to the COP28 summit.

"Today I am proud to announce we will make a new $3 billion pledge to the Green Climate Fund which helps developing countries access the capital they need to invest in resilience, clean energy, and nature-based solutions," the extracts said.

The fund's facilitators said in October that the current second round of replenishments had brought in about $9.3 billion in pledges to fund projects in climate-vulnerable counties between 2024 and 2027.

Even so, pledges so far represent a fraction of roughly $250 billion that developing countries would need every year by 2030 just to adapt to a warmer world, according to the United Nations. In addition to supporting climate adaptation, the fund also finances projects to help countries shift to clean energy.

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