Established in 2010, the Fund is the largest international fund dedicated to climate action to support developing countries and has received pledges of more than $20 billion.
This pledge will be in addition to another $2 billion that the United States previously provided to the fund.
US Vice President Kamala Harris will announce this pledge later Saturday during the United Nations Climate Summit in Dubai.
Harris, who represents the United States at the United Nations COP28 Climate Change Conference (COP28) instead of President Joe Biden, is part of a US delegation that also includes climate envoy John Kerry and dozens of senior officials.
The Fund’s administrators reported in October that the current second round of replenishment of the Fund’s resources had collected about $9.3 billion in pledges to finance projects in countries vulnerable to climate impacts between 2024 and 2027.
Despite this, pledges so far represent a fraction of the approximately $250 billion that developing countries will need annually by 2030 to adapt to a warmer world. In addition to supporting climate adaptation, the Fund also finances projects to help countries transition to clean energy.
A US climate official told Reuters: The Vice President will tell the summit that the world needs to “ensure that everyone is at the table, and that everyone is moving forward in the fight against climate… Everyone must step up.”
“It was important for both the president and vice president to make sure there was a leader from the United States at COP,” an official said, adding that Harris wanted to “make sure we tell the world the story of the progress we have made in the United States on climate change.”
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