Governments around the world have pledged to donate nearly $10 billion toward an international fund that aims to help poor countries tackle climate change. The Green Climate Fund, which organized the effort, released a statement saying that 27 countries pledged a combined $9.8 billion to the effort. The United Kingdom, France, Germany, Japan, and Sweden were this year’s top contributors to the fund.
The South Korea-based fund provides programs that help developing countries to cope with the impacts of climate change. Existing investments supported by the Green Climate Fund are currently being implemented in less developed countries, like Rwanda, Kenya, and Mongolia, to close energy gaps for the power deficient and boost water supplies. The fund says that it has almost run out of the initial $7 billion in funding it raised five years ago.
The U.S., which did not participate in the international climate fund, is part of the reason why the group needs more money. The Trump Administration has decided to cut off funds to the group, withholding $2 billion of the $3 billion pledged by President Donald Trump’s predecessor, Barack Obama. The withholding contributed to a shortfall at the fund that other countries have struggled to replace. Australia also did not donate any money this time around.
The new donations will allow the fund’s capacity to rise to $2.4 billion per year for 2020 through 2024, up from about $1.4 billion per year, currently. Yannick Glemarec, executive director of the Green Climate Fund, said in a statement, “We are honored by the global community’s confidence in the Fund’s ability to support countries and communities to raise and realize their climate ambitions. The coming years are critical as we empower our partners to innovate, accelerate and scale up climate investments that match the pace and urgency of the climate crisis.