Spare Some Change? UN Climate Fund Still Below $10 Billion Target

factory emissions

Britain’s contribution of $1.3 billion into a UN fund designed to help poor countries combat climate change still isn’t enough to get the fund to its $10 billion target.

According to Germany’s development ministry, which co-hosted a conference with about 30 countries represented, the pledges totaled $9.3 billion towards the Green Climate Fund.

Who pledged? The U.S. contributed $3 billion and Britain gave the above-mentioned $1.3 billion. Japan, Germany and France gave $1 billion or more.

Several countries have said they would increase contributions soon, so the $10 billion goal should be reached.

“I’m confident that we will reach the $10 billion goal,” Barbara Hendricks, Germany’s environment minister, said at the conference.

Several countries haven’t contributed yet including Belgium, Australia and Austria – among others. Still, it doesn’t exactly inspire confidence that western countries care about global warming.

Yvo de Boer told Bloomberg News, “If it’s a struggle to get to $10 billion once-off, how difficult is it going to be to get to $100 billion every year?”

That $100 billion/year figure is supposed to be in place by 2020. There’s still several other countries planning to contribute, and others who plan to increase their contributions. Still, wealthier countries can do more. They just print the money anyways. Might as well use if for a good cause.

Poorer countries will start receiving money sometime in the middle or end of next year.

What exactly will the Green Climate Fund do? It will help emerging economies (poorer ones) cut back on greenhouse gas emissions and tackle challenges such as heatwaves, mudslides, etc. Basically, anything tied to the climate.

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