US ditches world’s biggest climate fund

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illuminem summarises for you the essential news of the day. Read the full piece on POLITICO or enjoy below:

🗞️ Driving the news: The U.S. has announced its withdrawal from the Green Climate Fund (GCF), the world’s largest climate fund
• The move follows President Trump’s withdrawal from 66 international organizations, including the UN climate treaty
• The GCF has provided $19 billion to help poorer nations adapt to climate change impacts

🔭 The context: The Green Climate Fund is central to the Paris Agreement’s financial mechanisms for addressing climate change
• By abandoning the GCF, the U.S. is stepping away from a key initiative supporting the global effort to limit temperature rise and mitigate climate change’s effects
• This withdrawal signals a broader U.S. policy shift away from global climate cooperation

🌍 Why it matters for the planet: The U.S. leaving the Green Climate Fund could destabilize global climate action
• GCF has played a crucial role in supporting developing nations with resources for climate adaptation
• The U.S. departure weakens international cooperation and hampers progress on global emissions reduction and climate resilience

⏭️ What’s next: With the U.S. pulling out, the future of global climate financing is uncertain
• Other countries may need to step up their contributions to maintain funding for vulnerable nations

💬 One quote: “The Green Climate Fund is a radical organization.” – Treasury Secretary Scott Bessent

📈 One stat: $19 billion has been provided by the Green Climate Fund to help developing countries tackle climate change impacts

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