Top climate fund asks others to step up as US pulls billions

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:

🗞️ Driving the news: The Green Climate Fund (GCF), backed by the UN, is urging nations like China and India to step up after President Donald Trump withdrew $4 billion in pledged U.S. funding
• The decision is part of broader cuts affecting climate finance, humanitarian aid, and development programs
• The U.S. exit from the Paris Agreement and reduced support for renewables further threaten global climate progress

🔭 The context: The GCF, established in 2010, manages $17 billion in climate investments, with an additional $3 billion planned this year
• The withdrawn funds were part of a $6 billion commitment from previous U.S. administrations
• European nations have provided the bulk of the fund’s financial backing, but the loss of U.S. support weakens its ability to scale projects

🌍 Why it matters for the planet: The loss of U.S. funding could slow critical climate investments, including climate-resilient infrastructure and water reuse programs
• Developing nations rely on the GCF to finance adaptation and mitigation efforts, helping curb climate migration and extreme weather impacts
• The setback comes at a crucial time when global climate action is already behind schedule

⏭️ What's next: The GCF is calling for a "coalition of the ambitious," urging other nations to fill the financial gap left by the U.S. China and India, as two of the largest emitters, may be pressured to take a more active leadership role
• The long-term impact depends on whether the U.S. re-engages in climate finance under a future administration

💬 One quote: “It leaves us with the need for others to take leadership positions.” — Mafalda Duarte, Head of the Green Climate Fund

📈 One stat: $50 billion—the Green Climate Fund’s investment target by 2030, despite the U.S. withdrawal

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