U.S. Investment in Green Climate Fund Displays Serious Commitment to Curbing Climate Change

WASHINGTON (November 14, 2014) – The Obama Administration will soon formally pledge $3 billion to the Green Climate Fund, which will help create clean energy jobs and help head off the worst impacts of climate change in America and around the world.

Frances Beinecke, president of the Natural Resources Defense Council, released this statement:

“This powerful signal shows that President Obama is serious about helping reduce global warming pollution, both at home and abroad. Coming on the heels of the landmark U.S. and China climate agreement, this is another important piece of the puzzle for a strong agreement next year in Paris.

“This fund will help put Americans back to work, by helping U.S. companies and entrepreneurs tap into the growing market for clean energy deployment. It will protect America from the ravages of climate change by spurring global action to curb climate pollution. And it will safeguard the most vulnerable communities around the world from the most severe damages from climate change.”

The Green Climate Fund is the replacement for the Climate Investment Funds (CIFs) operated by the World Bank. The CIFs were launched by President Bush and Secretary Paulson with a U.S. pledge of $2 billion (for the U.S. announcement at the time see here). The Green Climate Fund is aimed at supporting clean energy deployment in the developing countries, helping countries adapt to the impacts of climate change that are devastating communities around the world, and supporting other efforts to reduce emissions in the poorest countries around the world.