The United Nations (UN), Thursday, lauded President Joe Biden of the United States for the country’s $1 billion contribution to the Green Climate Fund (GCF).
President Biden made the announcement during a digital summit of leaders of the Major Economies Forum on Energy and Climate (MEF).
Brazilian President Lula da Silva, as well as leaders from Argentina, Australia, Canada, Egypt, Germany and Mexico attended the digital summit.
This is Biden’s fourth MEF meeting since taking office in January 2020. The White House said it is the administration’s commitment to galvanize efforts needed to tackle the climate crisis and keep a 1.5°C limit on warming within reach.
Henry Gonzalez, executive director ad interim of the GCF, responding to the news in a statement on its website, said: “GCF welcomes President Biden’s announcement of a significant contribution from the United States. This money will provide urgently needed climate finance for the most vulnerable countries in the world.
“The USD 1 billion will increase the resilience of populations in 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.”
The Green Climate Fund (GCF) was established by 194 countries party to the UN Framework Convention on Climate Change in 2010. It is the world’s largest dedicated climate fund, delivering transformative climate action in over 140 countries. GCF’s mandate is to foster a paradigm shift towards low-emission, climate-resilient development pathways, especially in developing countries.
The White House in a statement on its website said: “At today’s meeting, the President will highlight new steps the United States is taking to meet its ambitious 1.5°C-aligned goal of reducing emissions 50-52 percent in 2030.
“The President will also announce significant new steps the United States is taking to support developing countries in taking stronger climate action – including providing $1 billion to the Green Climate Fund and requesting $500 million for the Amazon Fund and related activities – and invite other countries to join the United States and others in fully leveraging the multilateral development banks to better address global challenges, like climate change.”