The Biden administration has pledged $3 billion to support less developed economies in addressing the repercussions of climate change. This includes allocating over $400 million to promote “gender equity” in these nations.
The announcement coincides with Vice President Kamala Harris urging affluent countries at the United Nations’ climate summit in Dubai to take greater action in preventing global temperatures from exceeding a 1.5-degree Celsius rise.
“The U.S. is committed to expanding international climate finance,” the vice president said. “I am proud to announce a new $3 billion pledge to the Green Climate Fund to help developing countries access capital to invest in resilience, clean energy, and nature-based solutions.”
Established by the United Nations in 2010, the Green Climate Fund aims to financially support developing countries in transitioning away from fossil fuels and developing climate-resilient infrastructure. Currently, approximately 65% of the fund’s $13.5 billion portfolio is derived from the public sector.
During the Obama administration in 2014, a $3 billion commitment to the fund was made. However, citing concerns about the economic burden on American taxpayers due to Paris Climate Agreement goals, President Trump halted the implementation of certain Obama-era commitments in 2017, withholding the remaining $2 billion.
In November 2020, the Trump administration formally withdrew the United States from the Paris Climate Agreement. Subsequently, the Biden administration rejoined the accord a few months later.
In her speech on Saturday, Vice President Harris accused people skeptical of the global climate agenda of trying to “slow or stop our progress.”
“Continued progress will not be possible without a fight,” she said. “Around the world, there are those who seek to slow or stop our progress: leaders who deny climate science, delay climate action, and spread misinformation; corporations that greenwash their climate inaction and lobby for billions of dollars in fossil fuel subsidies.”
“We must have the ambition to meet this moment, to accelerate our ongoing work, increase our investments, and lead with courage and conviction,” she stated.
Those investments, according to a “fact sheet” released Saturday by the White House, include $1.4 Billion for the “Women in the Sustainable Economy (WISE)” initiative launched in November by Ms. Harris.
The initiative’s declared objective is to enhance “women’s economic participation” in areas such as clean energy, fisheries, recycling, forest management, and environmental conservation, as stated by the White House.
This effort includes allocating $449 million for new programs like “Global Girls Creating Change,” intending to offer 900 girls and young women in 29 countries “professional opportunities in the sustainable economy,” with a specific focus on Brazil, Indonesia, Nepal, and Uganda.
Additionally, the White House mentioned that the Rockefeller Foundation will contribute $25 million to the Co-Impact Gender Fund, aiming to “promote women’s leadership and access to climate finance in green sectors.” Furthermore, the UPS Foundation is committing $3 million to the Climate Gender Equity Fund to “cultivate a more sustainable world and generate economic opportunities for women.”
