Harris said the funding is to help developing countries invest in clean energy and prepare for the impacts of climate change. This is the first time in a long time that the United States has contributed money to this fund.
During this year’s talks in Bonn, several countries had already announced they would put more money into the fund. The US has not pledged more money due to ‘uncertainty in our budget processes’. The fund was established to provide grants and loans to countries classified as developing countries. They can use the money to reduce greenhouse gas emissions and prepare the country for potential climate disasters.
Rich countries have pledged $100 billion in climate finance to poor countries annually between 2020 and 2025. This level has not been reached in recent years and is a critical issue in international climate negotiations. Developing countries often point out that rich countries do not keep their promises.
Harris said he now wants to show “how the world needs to tackle the climate crisis by taking action”. The money still needs to be approved by the US Congress.
Various climate funds
At the Climate Summit in Dubai, many amounts are awarded to all kinds of different funds. For example, at the start of COP28 on Thursday, a new climate damage fund was approved by all countries and many governments have already pledged seed capital.
For example, the United Arab Emirates wants to invest 100 million dollars in it, the Netherlands will donate 15 million euros and the United States has pledged 17.5 million dollars. The fund should ultimately help poor, vulnerable countries affected by climate disasters.
“Introvert. Communicator. Tv fanatic. Typical coffee advocate. Proud music maven. Infuriatingly humble student.”