The U.S. State Department in Washington, DC on Tuesday, 17 January, 2017 announced an additional $500 million grant to support the Green Climate Fund (GCF).
In a statement endorsed by John Kirby, Assistant Secretary and Department Spokesperson, Bureau of Public Affairs, the State Department disclosed that, consistent with last year’s GCF grant, the fresh funding is provided from the fiscal year 2016 Economic Support Fund (ESF) appropriation.
“The U.S. funding for the GCF continues U.S. government support by this and prior Administrations for climate change programmes through multilateral funds,” Kirby stated.
The GCF is said to be the world’s largest multilateral finance institution dedicated to advancing low-emission, climate-resilient development. The organisation was created to help protect vulnerable populations and drive clean energy deployment, all with a special focus on engaging the private sector and mobilising private capital. Based in Songdo, Republic of Korea, the GCF is headed by Howard Bamsey, an Australian.
Kirby pointed out in the statement that over 180 countries have set forth their plans to cut emissions, adding that many of them are making important policy and regulatory reforms to promote private sector investment in energy efficient and low-emissions technologies.
According to him, the GCF supports developing nations in their efforts to achieve those objectives and to become more resilient to climate change – in turn, reducing the global and national security risks associated with inadequate adaptation to and preparedness for extreme weather events and other climate related impacts.
“With limited public resources, the GCF also directly engages the private sector in new and innovative ways to mobilise greater private investment, sending an unmistakable signal to global markets that the low-emission transition is moving forward,” he adds.
