The United States, represented by Vice President Kamala Harris at the U.N. COP28 climate summit in Dubai, has pledged an additional USD3bn to the Green Climate Fund, as reported by Reuters on December 2. This fund, dedicated to supporting climate action in developing countries, already has more than USD20bn in pledges. The newly announced contribution is in addition to a previous USD2bn commitment from the United States. However, the pledge is contingent on fund availability, and congressional authorization is required due to political divisions in the U.S. The Green Climate Fund focuses on assisting developing nations in investing in resilience, clean energy, and nature-based solutions.

Despite recent replenishments bringing in about USD9.3bn, overall pledges remain a fraction of the estimated USD250bn annually required by 2030 for developing countries to adapt to climate change. Vice President Harris emphasized the U.S. commitment to progress in addressing climate challenges at the summit, where she is leading the U.S. delegation in the absence of President Joe Biden.

Sources:

https://www.reuters.com/sustainability/sustainable-finance-reporting/us-announce-3-bln-into-green-climate-fund-sources-familiar-with-matter-2023-12-02/