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GREEN CLIMATE FUND
The Green Climate Fund is a globally important source of finance for projects in developing countries that address climate goals. Central to the GCF’s formation is an emphasis on providing funds directly to developing country institutions. Through “direct access,” it seeks to fund a diverse set of stakeholders including public, private, and non-governmental organizations from developing countries, using a variety of financial instruments including grants, loans, equity, and guarantees.
With $11 billion requested for international climate funding, President Joe Biden’s proposed FY23 budget is a serious effort to make up for the United States' historic underperformance in this area of vital investment.
If approved by Congress, the budget would deliver on Biden’s pledge, made in September 2021, to provide $11.4 billion in climate finance per year by 2024 — and it would do so one year early. But as last year’s appropriations cycle showed, this is easier said than done.
Similar to the role the U.S. played in helping Europe rebuild after World War II, the U.S. can play a pivotal role in helping the world deal with the impacts of climate change. But this will require serious international investment, which the U.S. should lead.
The White House needs to give climate finance serious attention as it engages with Congress in the appropriations cycle to deliver on its proposals. Other countries understandably question whether the U.S. can credibly deliver on its climate commitments. It is time for the White House and Congress to show that the U.S. can.
World Resources Institute, Green Climate Fund Materials:
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