The administration of US President Donald Trump has canceled the allocation of $4 billion to the world's largest Green Climate Fund.
This is reported by POLITICO.
The publication notes that Trump has thus destroyed this UN initiative.
What happened
“The United States government is canceling any outstanding commitments to the Green Climate Fund,” US Secretary of State Marco Rubio wrote to UN Secretary-General Antonio Guterres in a note dated January 27, POLITICO reports.
Representatives of the Climate Fund confirmed this fact.
This is the first time that a country has canceled the allocation of previously allocated funds, the publication says. The journalists reminded that the first Trump administration allowed the commitments announced by previous administrations to remain in the Fund's accounts.
Why it is important
The Green Climate Fund was established in 2010. Its goal is to provide financing for clean energy and climate change adaptation programs in developing countries. Since its inception, the Fund has approved projects worth $16 billion.
In 2023, the Biden administration allocated $3 billion to the Fund. This coincided with the Obama administration's promise and made the United States the largest donor to the Fund with a contribution of $6 billion. However, the United States has transferred only $2 billion of the promised funds. $4 billion remains unpaid. Other countries, including Germany, France, Japan, and the United Kingdom, have actually contributed more money to the Fund.
The US withdrawal from the Fund came after President Donald Trump signed a decree canceling the federal climate finance program on his first day in office.
The Fund stated that this decision would not lead to immediate changes in its balance sheet, but the ability to support the climate ambitions of developing countries would be limited.
Recently, EcoPolitic reported on the joint projects of the Ministry of Environmental Protection and Natural Resources of Ukraine with USAID that had to be put on hold due to the suspension of the Agency by the Trump administration.
