Joe Biden announced Thursday an additional $1 billion infusion for the Green Climate Fund (GCF). It is one of the world's largest climate organizations, which had already received a billion from the Biden Administration. In comparison, Barack Obama's initial pledge to the organization had been three billion.
According to the GCF's website, the organization is charged with "fostering a paradigm shift towards low-emission, climate-resilient development pathways in developing countries." In addition, they emphasize that they have a budget of 12 billion to work in more than 140 countries. If co-financing is included, the coffers would rise to 45 billion.
The organization is also publicly proud to be part of the Paris Agreement, aiming to "keep the increase in global average temperature well below 2 degrees Celsius."
Former President Donald Trump did not contribute any money to the fund, so Biden decided to pick up where Obama left off. "The effects of climate change will be felt most by those who have contributed the least to the problem, including developing countries," the president told the virtual meeting of the Major Economies Forum on Energy and Climate.
"As large economies, we must support these economies. The fund is fundamental to help developing nations in aspects that they cannot do now, but it should not be the only way," added the current head of state.
Happening Now: President Biden convenes a meeting of the Major Economies Forum on Energy and Climate. https://t.co/uMzCBrTrN7
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The GCF welcomed the disbursement made by the United States. Henry Gonzalez, the Fund's Executive Director ad interim, said, "The GCF welcomes President Biden's announcement of a significant contribution from the United States. This money will provide urgently needed climate finance for the world's most vulnerable countries."
"The $1 billion will increase the resilience of populations in the least developed countries, protect small island developing states threatened by climate change and support the transition to low-emission, climate-resilient development around the world," he added.
This is not the only recent climate project supported by the Biden Administration. Among its other initiatives is a
" Methane FinanceSprint " which was created to raise at least $200 million from public and philanthropic sources before November, when climate talks with the UN will resume. In turn, the president said that this economic effort would help the United States and other countries meet targets to reduce methane emissions by 30% this decade.
The White House also announced that it would request $500 million over five years from Congress for the Amazon Fund, as part of an effort to end deforestation.