The U.S. will “make good” on its Paris Agreement pledge to help developing nations pay for the consequences of climate change John Kerry told the international Climate Adaptation Summit Monday. In 2014, the Obama administration promised to donate $3 billion to the Green Climate Fund, but only contributed $1 billion by the end of the administration. Kerry promised to make up for the $2 billion shortfall not fulfilled under Trump. The Biden administration will need approval from Congress to move forward with the pledge and will likely encounter some political hurdles.
“We reached the point where it is an absolute fact that it is cheaper to invest in preventing damage — or minimizing it at least — than cleaning up,” Kerry said. In addition to the financial pledge, the U.S. must also present new 2030 climate goals as it rejoins the Paris Agreement, which Kerry said would come as soon as “practicable.” (Bloomberg $, Reuters, AP, The Hill, The Guardian, Thomson Reuters Foundation, Climate Home)