What Is the Green Climate Fund and How Much Does the U.S. Actually Pay?

[Right_in_Virginia]

What Is the Green Climate Fund and How Much Does the U.S. Actually Pay?
NY Times, Jun 2, 2017

In announcing his decision to withdraw from the Paris climate accord, President Trump also said the United States would stop contributing to the Green Climate Fund, a United Nations program that he claimed could eventually cost the country “billions and billions and billions” of dollars.

How much have rich countries pledged?

Industrialized countries have voluntarily pledged $10.3 billion since 2013 to help poorer nations reduce greenhouse gas emissions and address the effects of climate change. The United States has pledged by far the most — $3 billion, twice that of the second-largest pledger, Japan. But on a per-capita basis, many other countries have offered more than the United States. Swedes, for example, will contribute nearly $60 each.

If the United States contributed its full pledge, the total would be a little less than $10 per American. With Mr. Trump stopping payments, the United States will have contributed $1 billion, or just more than $3 per person.

Where does the money go?

The fund has a portfolio of more than 40 projects, using $2.2 billion of its own money and $5 billion from development agencies and banks.

Among the latest projects: development of irrigation and groundwater replenishment systems in northeastern India, where climate change has made monsoon rains less reliable; a hydropower plant in the Solomon Islands in the South Pacific to eliminate diesel generators; and restoration and protection of Ugandan wetlands that are used by subsistence farmers.

More:  https://www.nytimes.com/interactive/2017/06/02/climate/trump-paris-green-climate-fund.html?_r=0

[Right_in_Virginia]

Dan Scavino Jr.‏Verified account @Scavino45 4m4 minutes ago
Green Climate Fund Contributions as of 5/12/17:

U.S.A. ➡️ $1,000,000,000

CHINA ➡️ $0

RUSSIA ➡️ $0

INDIA ➡️ $0 Source: Green Climate Fund

[Bigun]

Well there is a cool billion we can save right there!

[Right_in_Virginia]

What will happen to the Green Climate Fund without the US?
DW.com, Jun 3, 2017

United Nations assessments have shown that climate change will hit the poorest countries the hardest, and studies show that human-induced climate change is affecting developing countries now. Rising sea levels, stronger storms, more unpredictable rains and larger and longer heatwaves are already occurring, especially in the world's tropical and subtropical regions, such as East and West Africa, Burma, Bangladesh, India and Indonesia.

As temperatures rise and oceans warm, countries in the global south will face even harsher climate change repercussions, with weather disasters more likely to happen on a warmer planet.   

The Green Climate Fund was founded as a means to assist these developing countries in adopting practices to cope with the consequences of climate change.

The governments of industrialized economies formally agreed to mobilize $100 billion per year by 2020 through public as well as private funds.   The money will be invested in projects, programs and policies, such as renewable energy, to counter climate change. 

The total sum of $100 billion won't come from the countries' own budgets alone, but also from bilateral, multilateral and private funds. Even cities, organizations and individual citizens can contribute.   

At a pledging conference in late 2014 in Berlin, 30 nations announced their own contributions to the fund's "initial resource mobilization period," which runs from 2015 until 2018.

Back then, the pledges totaled $9.3 billion, with the US being the largest contributor ($3 billion), followed by Japan ($1.5 billion), the United Kingdom ($1.1 billion), France and Germany ($1 billion each).

But now, one nation has dropped out of the deal - and that is none other than the country that had promised the most - the US. Under former president Barack Obama, the US pledged the amount it did based on the fact that it is the world's largest economic power.

So where will the missing money come from?

A total amount of $10.3 billion has been legally pledged and signed to be paid into the fund by 43 countries by 2018. Out of that sum, $6.5 billion has already been paid, with Japan as the biggest contributor, followed by the US, UK, Germany, France and Sweden. That amount is safe and cannot be taken back.

But now that Donald Trump has officially announced his intention to leave the Paris Agreement, which is where the countries had officially signed their pledges, the Green Climate Fund is short $2 billion.

German environment minister Barbara Hendricks said in a radio interview with German public broadcaster WDR 5 that other countries won't be expected to make up the missing sum.

"I'm sure we'll manage to mobilize funds from development banks or the World Bank to finance what is necessary. But it won't just be passed on to the other countries," she said.

Lutz Weischer, team leader of international climate politics at the German NGO Germanwatch, told DW that the US is sending a bad signal to developing countries by refusing to pay the remaining $2 billion.

"In the past few days, more heads of states and governments have come out in support of climate protection than ever before. I've never seen so much commitment to climate protection than in the past two days,” he told DW. "I hope this also goes for financial aid to combat climate change. We now need all the other countries to keep their word and pay their dues."


http://www.dw.com/en/what-will-happen-to-the-green-climate-fund-without-the-us/a-39100361

[Right_in_Virginia]

The sheer number of billions per year is staggering.  Just staggering.

[Right_in_Virginia]

BTTT

This sh&* is a must read. 

[Joe Wooten]

How much of that money is this UN agency going to spend on itself? I bet it will be well over 50% of all contributions. After all, someone has to pay for all the trips to crisis spots like Tahiti and the bills from 5 star hotels and restaurants, and do not forget, contributions to the despotic leaders of the "affected" nations Swiss bank accounts.

[austingirl]

A lot of the money will be spent on luxury resorts for their conferences and the participants will arrive by private jet.