On the 20th of April 2023, the Green Climate Fund welcomed a $1 billion commitment from the United States, which moves the United States contribution to $2 billion, still $1 billion short of the $3 billion commitment made in 2014.
President Joe Biden has set a rooftop target of 11 billion per year for climate financing, which is still short of the ideal of $12 billion, a suggested reasonable down payment. This should set the United States on the path of similar large economies. For example, The European Union, which has an economy smaller than the US, contributes over $25 billion annually.
But since the pledge made by the US almost a decade ago, we exceeded the 1C warming above the pre-industrial level in 2015; developing countries are experiencing frequent and more severe climate impacts that lead to a debt crisis.
It is a few months away from the pledging 2023 conference, and then the second replenishment period of the GCF commences in January 2024. The United States remains one of the Largest Emitters of Greenhouse gasses globally and has yet failed to live up to expectations around climate finance. We call on the United States to fulfill the 1$ billion left of its commitment to the GCF and make more ambitious commitments to the Green Climate Fund during the 2023 pledging conference.