(WASHINGTON) — The United States will contribute $3 billion to the Green Climate Fund, President Obama announced on Saturday, joining with a number of other nations in helping to reduce carbon pollution and strengthen resilience in developing countries.
Mexico, Korea, Germany, France, Denmark, Norway and Switzerland have already pledged their financial support, and the White House says that other nations are expected to do so soon.
The U.S. previously pledged $2 billion to the Climate Investment Funds in 2008 under then-President George W. Bush. The U.S. did limit its contributions, ensuring that they will not contribute more than 30 percent of total confirmed pledges — a total the White House says is “consistent with the U.S. contribution to other funds in which we have exercised U.S. leadership to catalyze other contributions.”
The funding will go towards creating early-warning systems for vulnerable communities, improve defenses against storm surges and create climate-resilient infrastructure while helping to limit greenhouse gas emissions worldwide.
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