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VOL. 43 | NO. 43 | Friday, October 25, 2019

Pledges for global climate fund reach $9.8 billion

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PARIS (AP) — Governments across the world have pledged $9.8 billion to help poor nations tackle climate change at a conference the United States did not take part in, the fund coordinating support said Friday.

Yannick Glemarec, the executive director of the Green Climate Fund, said 27 countries announced contributions by the end of the two-day conference in Paris.

The United States did not make any pledge, as U.S. President Donald Trump has decided to stop paying into the fund.

"We will most likely be able to find additional resources" before the United Nations' annual climate conference, which will be held in December in Santiago, Chile, Glemarec said.

He said the extra money will increase the fund's capacity from about $1.4 billion per year now to $2.4 billion per year in the period from 2020 to 2024.

French finance minister Bruno Le Maire, speaking earlier Friday, praised "a great success" that he attributed largely to European countries, noting that almost half of the amount is being provided by France, Germany and Britain alone.

"Many countries will double their contributions," Le Maire said.

The South Korea-based fund, which provides money to help developing countries reduce their emissions and cope with the impacts of climate change, says it has nearly exhausted some $7 billion received following an initial funding round five years ago.

Trump's decision to withhold $2 billion of the $3 billion pledged by his predecessor, Barack Obama, has contributed to a shortfall at the fund that other countries have struggled to fill.

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