Green Climate Fund has received a funding worth AU$668.33 million, as announced by the United States government on Monday. This comes despite the increasing opposition of the Republicans regarding the climate change initiatives by President Barack Obama. The payment signifies the initial tranche of the AU$4.01 billion pledged by the US in 2014 for the GCF.
According to a State Department spokesperson, this funding is a huge step towards meeting a commitment made by the President. The act also shows that the US is firmly behind its stand regarding its international climate responsibilities, The Guardian reported.
Nonetheless, while an ambitious goal of creating AU$133.67 billion per year in the climate finance through private and public sources by the year 2020 was set by the GCF, just a fraction of the amount has been collected so far.
Former United Nations climate chief Yvo de Boer said that the main objective was more on making a political tool rather than a financial instrument, especially when the concept of raising funds was initially discussed in Copenhagen in 2009.
Furthermore, the US is trying to find more drastic ways to cut pollution created by power plants, which has met with legal battles, with its AU$4.01 billion pledge that recently became a hot topic for debate. Like in November, when a number of Republicans from the House of Representatives threatened to interfere with the federal funds meant as climate aid, prior to changing its mind while on a budget hearing in December.
Meanwhile, 37 senators have accused President Obama of becoming unilateral, expressing their concerns regarding the effect on the country’s economy as well as international priorities, following any deal that can reach to Paris, International Business Times reported.
Green Climate Fund has received more than $10 billion from other developed nations. The GCF was founded in 2010 to collect funds that can help the developing countries in reducing the effects of the anthropogenic climate change.