U.S. continues support of Green Climate Fund
John Kirby, assistant secretary and spokesman for the Bureau of Public Affairs in Washington, D.C., issued an official statement this week announcing the contribution. The current contribution derives from the fiscal year 2016 Economic Support Fund (ESF).
The GCF, Kirby said in his statement, is a "critical tool that helps catalyze 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 GCF is the largest financial institution worldwide to focus on developing low-emission and flexible energy systems designed to withstand climate changes. Founded by the United Nations Framework Convention on Climate Change to safeguard cultures in need of protection and ensure implementation of clean energy initiatives, GCF strives to engage the private sector in activating financial support, the statement said.
To date, over 180 nations have stated intentions of cutting emissions, with many implementing significant reforms to manage regulation and encourage private sector investment in clean energy. The GCF is committed to the welfare of developing nations with the long-term goal of ensuring resiliency and capacity for withstanding severe weather events.