- Title: World governments pledge $9.8bn for climate fund, USA does not contribute
- Date: 25th October 2019
- Summary: MARSH HARBOUR, ABACO, THE BAHAMAS (FILE - SEPTEMBER 1, 2019) (REUTERS) WIND AND RAIN FROM HURRICANE DORIAN ARCTIC OCEAN (FILE) (REUTERS) ICE FLOES POLAR BEAR MOTHER AND CUB WALKING ACROSS ICE
- Embargoed: 8th November 2019 15:28
- Keywords: climate change global warming Green Climate Fund Paris Agreement Donald Trump Bruno Le Maire
- Location: PARIS, FRANCE / MARSH HARBOUR, ABACO, THE BAHAMAS / IN SPACE / ARCTIC OCEAN / PITTSBURGH, PENNSYLVANIA, PERRY COUNTY, KENTUCKY, USA / BEIJING, CHINA / KOGALYM, RUSSIA
- City: PARIS, FRANCE / MARSH HARBOUR, ABACO, THE BAHAMAS / IN SPACE / ARCTIC OCEAN / PITTSBURGH, PENNSYLVANIA, PERRY COUNTY, KENTUCKY, USA / BEIJING, CHINA / KOGALYM, RUSSIA
- Country: France
- Topics: Environment,Climate Politics
- Reuters ID: LVA001B2LJJUV
- Aspect Ratio: 16:9
- Story Text: Donor governments pledged $9.8 billion in fresh financing for the Green Climate Fund, but the United States did not contribute, the fund's director said on Friday (October 25).
The Green Climate Fund was set up to help developing nations tackle global warming, and met in Paris to gather pledges.
The fund's executive director Yannick Glemarec said the amount was nothing short of historic, though environmental and development groups such as Oxfam had hoped the pledging conference in Paris would raise as much as $15 billion.
French Treasury head Odile Renaud-Basso said a number of donor countries, including Britain, France and Germany, had doubled their latest pledges, helping make up for a loss of funds from the United States.
The fund became operational in 2015 after governments pledged $10.3 billion in a first round of funding. That amount was later reduced to $8.3 billion after the United States announced plans to pull out of the Paris climate accord.
However, fluctuations in the value of the dollar against other currencies further reduced the amount to $7.2 billion, of which 5.2 billion has so far been committed to support 111 projects.
The money was used to help finance projects ranging from low-cost green housing in Mongolia's polluted capital, to a rapid-transit bus system in Karachi using methane, and restoring climate-threatened ecosystems in Namibia.
The South Korea-based fund provides financing alongside public lenders like the World Bank or in partnership with commercial banks.
Britain was the biggest contributor in the latest round of funding, followed closely by France and Germany, Glemarec said.
French Finance Minister Bruno Le Maire told a news conference in Paris that France would not sign trade agreements with countries that do not participate in the Paris climate accord and would end export guarantees for coal projects.
(Production: Kathryn Carlson)
- Copyright Holder: FILE REUTERS (CAN SELL)
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