US allots $500M to Green Climate Fund

Illustration (Image: Wave Energy Prize)

The US State Department has made $500 million grant payment to support the United Nations climate fund.

The United States has now contributed $1 billion to the Green Climate Fund dedicated to advancing low-emission, climate-resilient development, with the goal of keeping the global temperature increase below 2 degrees Celsius.

Pledging to provide $3 billion to the Fund, the US is left with $2 billion owing to the Fund.

However, the president-elect of the United States, Donald Trump, is expected to cancel future payments, The Guardian reports, as he had repeatedly called climate change a ‘hoax’ and vowed to pull the US out of the Paris Agreement.

The funding was provided through the fiscal year 2016 Economic Support Fund (ESF).

Green Climate Fund supports developing nations in their efforts to achieve those objectives and to become more resilient to climate change – in turn, reducing the global and national security risks associated with inadequate adaptation to and preparedness for extreme weather events and other climate related impacts

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