The head of the UN’s Green Climate Fund urged global leaders to continue supporting climate finance for developing nations following the U.S. withdrawal of $4 billion in pledges. Mafalda Duarte highlighted the interconnectedness of climate impacts and the mutual benefits of investment, cautioning that the lack of funding could threaten crucial projects aimed at enhancing climate resilience in affected areas.
The head of the Green Climate Fund (GCF), Mafalda Duarte, has called upon global leaders to maintain their commitment to essential climate financing for developing nations despite the recent withdrawal of $4 billion in pledges by the United States. She emphasized that efforts to reduce greenhouse gas emissions benefit both the donors and the recipients, highlighting the interconnected nature of climate change and its global impacts. In her words, “No country, not even the richest ones, can afford to treat climate change solely as a domestic matter.”
In light of President Donald Trump’s administration canceling its climate pledges, Duarte pointed out that this decision could jeopardize critical climate initiatives in developing countries, affecting their ability to tackle climate challenges effectively. She noted that contributions to the GCF need Congressional approval, which has been a barrier for fulfilling past commitments from former administrations.
The GCF, established in 2010, has approved projects worth $16 billion across 133 nations, with significant contributions from countries like Germany, the UK, and Japan. Duarte highlighted the economic opportunities presented by climate finance, asserting that “Countries that lead in climate finance will lead the future economy.” She expressed that nations stepping back from climate commitments could hinder their ability to influence global agendas.
Furthermore, Duarte referred to a specific project in El Salvador aimed at assisting communities affected by droughts, which provides essential resources to prevent crises. Although the U.S. pullback does not directly impact existing GCF programs, it could limit future projects, straining the fund’s capacity to support developing nations’ climate goals. The GCF anticipates approving new projects worth up to $3 billion this year but warns that unfulfilled pledges may restrict its funding capabilities moving forward.
The recent withdrawal of U.S. funding from the Green Climate Fund poses substantial threats to climate projects in developing countries. Mafalda Duarte’s remarks underscore the importance of sustained global commitment to climate financing, emphasizing economic benefits and the necessity for collective action against climate change. Without the necessary financial support, the ability of vulnerable nations to combat climate change may be severely compromised.
Original Source: www.climatechangenews.com
