The Biden administration has unveiled plans to allocate $3 billion to assist less developed economies in tackling the impacts of climate change, allocating over $400 million specifically to promote “gender equity” in those nations.
Vice President Kamala Harris, addressing the United Nations’ annual climate summit in Dubai, called on affluent countries to intensify their efforts to prevent global temperatures from rising beyond 1.5 degrees Celsius.
Expressing the commitment to expand international climate finance, Vice President Harris announced a new $3 billion pledge to the Green Climate Fund.
This fund, established by the United Nations in 2010, aims to support developing countries in transitioning away from fossil fuels and building climate-resilient infrastructure. Approximately 65% of the fund’s current $13.5 billion portfolio is sourced from the public sector.
In 2014, the Obama administration committed $3 billion to the Green Climate Fund, a commitment that was not fulfilled by the subsequent Trump administration.
President Donald Trump withdrew from the Paris Climate Agreement in 2017, citing economic concerns. However, the Biden administration rejoined the accord and is now renewing the $3 billion pledge.
Vice President Harris, in her address, criticized climate skeptics and those hindering progress, emphasizing the necessity for global collaboration. The administration’s proposed investments, detailed in a White House “fact sheet,” encompass $1.4 billion for the “Women in the Sustainable Economy (WISE)” initiative.
Launched in November, this initiative aims to enhance women’s economic participation in areas such as clean energy, fisheries, recycling, forest management, and environmental conservation.
Specifically, the initiative allocates $449 million for programs like “Global Girls Creating Change,” targeting 900 girls and young women across 29 countries for professional opportunities in the sustainable economy, with a focus on Brazil, Indonesia, Nepal, and Uganda.
Additionally, the Rockefeller Foundation commits $25 million to the Co-Impact Gender Fund to advance women’s leadership and access to climate finance, while the UPS Foundation contributes $3 million to the Climate Gender Equity Fund to promote environmental sustainability and economic opportunities for women.
