Finding cash for the climate is tough. Two new pledges show why

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below:

🗞️ Driving the news: At COP28, the U.S. announced a $3 billion pledge to the Green Climate Fund and a new carbon credit initiative, signaling significant financial commitments to climate action
• Meanwhile, John Kerry, President Biden’s climate envoy, announced a new carbon credit initiative in which more than a dozen major companies will help developing countries pivot away from fossil fuels toward renewable energy
• However, securing Congressional approval for these funds remains uncertain

🔭 The context: These announcements come amid long-standing challenges in mobilizing sufficient funds for global climate efforts, especially for developing countries facing severe climate impacts

🌍 Why it matters for the planet: The success of these financial pledges is crucial for supporting climate adaptation and energy transition in vulnerable nations, underlining the need for strong global financial commitment

⏭️ What's next: The effectiveness of these climate financing promises hinges on overcoming domestic political hurdles, both among Congress and voters in the US

💬 One quote: "Transferring funds to other countries is not very popular in the United States right now." (David Victor, Brookings Institution)

📈 One stat: The U.S. aims to deliver $11.4 billion annually in climate assistance by 2024, with current commitments exceeding $9 billion this year

Click for more news covering the latest on climate change