President Joe Biden’s administration is committing an additional $3 billion to help developing countries fight climate change, Bloomberg reported Saturday.
The allotment will go toward the United Nations’ Green Climate Fund and will be pledged by Vice President Kamala Harris at the COP28 summit in Dubai, State Department officials told Bloomberg. The U.S. pledge will bring the fund to its largest level so far, as other countries like France, the United Kingdom, Germany, and Japan have already made similar commitments that totaled $9.3 billion.
The U.S. reached $5.8 million in international funding geared toward curbing climate change in 2022, compared to $1.5 billion allotted during 2021, a State Department official told Bloomberg. The Biden administration will exceed $9.5 billion this year, and the president is already planning on topping $11 million in 2024.
Wealthy countries are supposed to commit $100 billion per year to help developing countries fight climate change, a pledge that began in 2020, according to Bloomberg.
The Biden administration’s commitment follows a trend of funding green energy initiatives the president has focused on during his tenure, including his signature climate law, the Inflation Reduction Act (IRA). The IRA approved $750 billion in new spending, $370 billion of which went toward Biden’s green energy initiatives aimed at curbing climate change.
The U.S. pledged over $17 million toward an international “climate reparations” fund at the summit on Thursday. The fund is also geared toward helping developing countries fight against the impacts of climate change.
Neither the White House nor the State Department immediately responded to the Daily Caller News Foundation’s requests for comment.
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