Obama Pays $500 Million to UN Fund That Trump Vows to Cut Off

Three days before leaving office, President Barack Obama made a $500 million contribution to a United Nations climate fund, part of a commitment under the Paris climate accord that Donald Trump has vowed to rescind.

The U.S. has now contributed $1 billion to the Green Climate Fund to help poor nations develop clean energy and cope with the impact of global warming, according to a statement Tuesday from the U.S. State Department.

The U.S. pledged to donate a total of $3 billion over four years to the fund when it helped broker the landmark Paris agreement in 2015. Trump has vowed to cancel future payments to the fund and redirect them toward projects in the U.S.

The funding was approved last year through the 2016 Economic Support Fund appropriation. Trump’s transition team didn’t immediately respond to a request for comment.

About BloombergNEF

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
 
Sign up for our free monthly newsletter →

Want to learn how we help our clients put it all together? Contact us