Washington, D.C. – Foreign Policy for America welcomes today’s announcement of a $3 billion U.S. pledge to the second replenishment to the Green Climate Fund (GCF). While it may not reflect what the moment calls for, particularly given the U.S. role as GCF Co-Chair and the $1 billion still owed on the first U.S. contribution, it is an important step forward and sends a powerful signal that the U.S. remains committed to supporting the fund as it pursues its 50×30 blueprint to deliver for the most vulnerable populations, drive on-the-ground impact, and mobilize private capital through new partnerships. The GCF’s model of supporting country-driven solutions and unlocking capital from other public and private sources means that the U.S. contribution will be leveraged many times over and help strengthen broader diplomatic, economic, and strategic engagement with partners around the world.
This pledge follows the Biden Administration’s April 2023 announcement that it would direct $1 billion to the GCF in order to bring the U.S. closer to fulfilling its original decade-old $3 billion commitment. When the fund launched in 2014, the U.S. was the single largest contributor. But in the years since, the U.S. has fallen behind, having sat out the first replenishment entirely and still $1 billion in arrears on its first pledge. Developing and developed countries alike have taken note, impacting not just other governments’ willingness to step up to the plate, but the strength of our broader relationships and partnerships with many of these countries.
“The GCF is the world’s largest collective effort to tackle the climate crisis,” said Andrew Albertson, Executive Director of Foreign Policy for America. “It’s encouraging that the Biden Administration has responded to the collective call to commit to the second GCF replenishment coming into COP28. This pledge and the other actions taken today to support clean energy deployment and adaptation globally represent an investment in a more secure future. We urge Congress and the Administration to fully fund these and further efforts to enable climate action where it’s needed most and address development and strategic imperatives as well.”