Climate love

George Kariuki

4 w

Joe Biden

Climate love

US pledges $1 billion to Green Climate Fund amid call to keep 1.5C in reach

The US will provide $1 billion to the UN’s flagship climate fund – its first such contribution in six years.
Joe Biden made the commitment as he hosted a virtual meeting of world leaders on Thursday to spur high-level leadership to limit global warming to 1.5C.
This is the first time since 2017 the US has pledged cash to the Green Climate Fund (GCF), which supports developing countries to cut emissions and adapt to climate impacts.
The move was part of a broad call to action to the Major Economies Forum on energy and climate, a group of more than 20 high-emitting developed and developing countries which account for around 80% of global greenhouse gases.
Biden promised to ask Congress to approve an additional $500m over five years for the Amazon Fund to end deforestation by 2030.
He pledged to raise $200m from public, private and philanthropy sources for cutting methane emissions in developing countries and urged nations to scale up carbon capture and removal technologies.
The US president called on leaders to join a collective pledge for half of all car sales and at least 30% of medium and heavy-duty vehicles to be zero emissions by 2030.
“It’s a really big deal,” Joe Thwaites, a climate finance campaigner at the Natural Resources Defense Council, told Climate Home News of Biden’s pledge to the GCF.
“Over the last few years, the fund has been right up against the limits of its resources. It has been approving money to projects as soon as it is receiving it from donors and has had to hold back projects because of a lack of money,” Thwaites explained.
“This $1bn is significant because it will allow the GCF to unlock more money for communities in need,” he added.
The move, he said, will boost US credibility at the fund, after its ability to provide climate finance had been put into doubt.
However, as the GCF is calling on countries for a third round of funding pledges to replenish the fund, the US is yet to deliver on its first commitment.
The $1bn announcement only accounts for half of the $2bn the US owes the fund after Donald Trump reneged on a $3bn pledge made under Barack Obama almost a decade ago. Since then, European and other donors have doubled their pledges to the fund.
“The question is: can the US clear another billion dollars and finally deliver on the pledge?” Thwaites said. Other donor countries will closely watch what the US will bring to a GCF pledging conference in October, he added.
The leaders’ meeting was framed by the findings of a report by the International Energy Agency which outlined steps to take to keep the 1.5C goal within reach.

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It highlights four key pillars: decarbonising the energy sector, ending deforestation, tackling non-CO2 emissions such as methane, and accelerating the deployment of carbon capture and storage and removal technologies

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  • Evangeline Wanjiru

    4 w

    Awesome strategy right there

    • Peter Karanga

      4 w

      This is truly a positive development in the global fight against climate change. This substantial financial commitment from the US shows a major commitment to helping reach the increasingly ambitious goal of limiting global warming to 1.5C. The United Nations also has a vital role to play in this endeavor, and this pledge may help motivate other countries to increase their commitments to the cause.

      • Kevin

        4 w

        very superb move

        • walter lungayi

          4 w

          Great 👌

          • Rashid Kamau

            4 w

            Positive direction.

            • rosebellendiritu

              4 w

              @rashid_kamau it's very encouraging

            • Mc Kaka

              4 w

              This is credible

              • Edwin wangombe

                4 w

                This is the way to go

                • Joseph Githinji

                  4 w

                  Great news

                  • Hilda Wangui

                    4 w

                    Amazing move

                    • Saustine Lusanzu

                      4 w

                      This sounds great

                      • Elizabeth Gathigia

                        4 w

                        Great move

                        • Munene Mugambi

                          4 w

                          A great initiative

                          • Ajema Lydiah

                            4 w

                            this is great

                            Welcome, let's solve the climate crisis together
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