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

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By illuminem briefings

· 2 min read

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

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