Obama to Pledge $2.5 Billion to Climate Cause at G-20

Days after his historic carbon pollution deal with China, Barack Obama is set to announce a substantial pledge from the U.S. over the next four years to help poor countries invest in clean energy and cope with the hazards of a destabilizing environment, administration sources said.

The announcement is due as world leaders gather at the G-20 summit in Brisbane, Australia.

The Guardian reported:

The pledge to the Green Climate Fund was seen as critical to UN negotiations for a global climate deal. Developing countries have said they cannot sign on to emissions cuts at climate talks in Lima later this month without the funds.

Analysts said the $2.5bn figure under discussion before the Brisbane summit was just about enough to demonstrate that the US was willing to put up the cash.

“I think it’s a good signal for unlocking the negotiations for Paris in 2015,” said Alex Doukas, an international climate policy analyst at the World Resources Institute. Congress will still have to authorise the funds. But some analysts argue that it will be difficult for Republicans to cut out climate finance entirely.

There are early signs that the administration’s announcements are encouraging other leaders to pledge financial support to distressed nations. Press reports cited by the Guardian indicated that Japanese prime minister Shinzo Abe would announce a pledge of up to $1.5 billion to the fund at the end of the Brisbane summit.