Tuesday, January 17, 2017

Obama admin injects another $500M into global climate fund

The Obama administration has made a second $500 million payment into an international climate change adaptation fund, the State Department announced Tuesday. With the announcement, the Obama administration has now spent $1 billion on the Green Climate Fund (GCF) despite broad GOP opposition to U.S. financing for the fund. The fund is the driving force behind a United Nations' goal to raise $100 billion to help poor countries adapt to the changing climate and cut their greenhouse gas emissions. Obama in 2014 pledged $3 billion for the program by 2020, but he couldn’t get congressional Republicans to agree to the plan. Congress never appropriated money for the GCF, but lawmakers didn't explicitly block the State Department from finding funding for the program elsewhere in its budget, which is what the Obama administration did to pay for the two $500 million payments...more

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