US pledges $3 billion for inexperienced local weather fund at COP28

America has pledged $3 billion to the Inexperienced Local weather Fund, Vice President Kamala Harris mentioned on Saturday in Dubai throughout the UN COP28 local weather summit.

The fund, with greater than $20 billion in commitments, is the biggest worldwide fund centered on supporting local weather motion in growing nations.

The newest dedication, which Reuters first reported, would add to a different $2 billion beforehand offered by the USA.

Sources mentioned the dedication was topic to the provision of funds. The politically divided US Congress should approve the funding.

Harris introduced the pledge in her speech on the summit.

“At this time I’m additionally proud to announce a brand new dedication of $3 billion to the Inexperienced Local weather Fund, which can assist growing nations put money into resilience, clear power and nature-based options,” she mentioned.

The fund’s facilitators mentioned in October that the present second spherical of replenishments had secured about $9.3 billion in commitments to finance tasks in climate-sensitive provinces between 2024 and 2027.

Nonetheless, the pledges thus far symbolize a fraction of roughly $250 billion that growing nations would wish annually by 2030 to adapt to a hotter world, the United Nations mentioned. Along with supporting local weather adaptation, the fund additionally funds tasks to assist nations transition to scrub power.

Harris, who represents the USA at COP28 instead of President Joe Biden, is a part of a US delegation that additionally consists of local weather envoy John Kerry and dozens of senior administration officers and Cupboard members.

“It was necessary to each the president and the vice chairman to ensure there was a pacesetter from the USA on the COP,” one official mentioned, including that Harris “needed to ensure we inform the world the story of the progress we’ve got made. within the U.S”