On Saturday, December 02, 2023, the United States announced its commitment to contribute $3 billion to the Green Climate Fund, an initiative by the United Nations aimed at supporting developing nations in reducing greenhouse gas emissions and adapting to climate change.
This commitment, part of the ongoing COP28 for achieving environmental justice, focuses on three areas: supporting adaptation efforts, implementing mitigation initiatives, and facilitating technology transfer while building capacities.
This announcement comes as a step towards rebuilding trust in countries’ promises of help, particularly during the crucial climate talks taking place in Dubai.
The United States’ pledge of $3 billion adds to the declared commitments of $9.3 billion by nations such as the UK, France, Germany, and Japan. This move reflects the Biden administration’s dedication to addressing climate change through increased grants, loans, and financial support.
These measures are considered to be part of a strategy to counteract/oppose the earlier Donald Trump-led administration’s withdrawal from the Paris Agreement and cancellation of funding for major global warming initiatives.
This commitment by the US is seen as a move towards supporting its credibility/trustworthiness at COP28, which is set to span over two weeks. Previous negotiations at COPs have highlighted the urgent need, for assistance, and exposed deep mistrust and tension resulting from wealthy nations’ failure to fulfill their obligations in providing sufficient funding.
The proposed additional funding, covering the years 2024 to 2028, is contingent on allocations from the US Congress. However, previous attempts, like former President Barack Obama’s commitment in 2014, faced opposition, resulting in only $2 billion provided.
At present, there is no plan in place to compensate for the $1 billion shortfall. The focus now is on ensuring the success of the second replenishment. Administration officials are optimistic about gaining support by highlighting the increased visibility and impactful initiatives of the UN fund, such as supporting rice agriculture in Thailand and enhancing flood risk management in Bosnia and Herzegovina.
US climate finance committed internationally was $5.8 billion in 2022, a significant increase from $1.5 billion the previous year. A State Department official stated that US climate finance for this year would exceed $9.5 billion, with hopes to reach over $11 billion by 2024.
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