U.S. makes additional USD500 million grant to support Green Climate Fund

Washington D.C. [United States], Jan. 18 : The United States has made an additional USD500 million grant to support the Green Climate Fund (GCF).

Consistent with last year's GCF grant, this funding is provided from the fiscal year 2016 Economic Support Fund (ESF) appropriation.

"This grant follows last year's initial grant of 500 million as part of the (Dollar) 3 billion pledge to the GCF made by President Obama in 2014," said U.S.

State Department spokesperson John Kirby. He said the Green Climate Fund is a critical tool that helps catalyse billions of dollars in public and private investment in countries dealing not only with the challenges of climate change but the immense economic opportunities that are embedded in the transition to a lower-carbon economy.

"The United States is pleased to have played a leading role in the establishment of the GCF, and we are also pleased to be making this significant grant," he added.

The GCF is the world's largest multilateral finance institution dedicated to advancing low-emission, climate-resilient development.

The GCF was created to help protect vulnerable populations and drive clean energy deployment, all with a special focus on engaging the private sector and mobilizing private capital.

More than 180 countries have set forth their plans to cut emissions, many of them are making important policy and regulatory reforms to promote private sector investment in energy efficient and low-emissions technologies.

The GCF 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.

With limited public resources, the GCF also directly engages the private sector in new and innovative ways to mobilize greater private investment, sending an unmistakable signal to global markets that the low-emission transition is moving forward.

Source: ANI