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US makes groundbreaking $3 billion pledge to global Green Climate Fund at COP28

Vice President Kamala Harris delivered a significant announcement at the COP28 conference in Dubai, declaring the United States' commitment to contribute $3 billion to the Green Climate Fund (GCF). This marks the first US pledge to the fund since 2014, reinforcing global efforts to support nature. The GCF, currently boasting over $20 billion in pledges, stands as the largest international fund dedicated to supporting environmental action in developing nations.

US makes groundbreaking pledge to global Green Climate Fund at COP28_Nature landscape of Zion National park, Utah_visual 1Nature landscape of Zion National park, Utah.

Harris, representing the US in lieu of President Biden, emphasised the urgency of addressing the environmental crisis through tangible actions. The proposed funding, pending approval from the US Congress, will fortify the GCF. The GCF was established in 2010 to aid emerging countries in building resilience, adopting clean energy, and implementing nature-based solutions.

Read more: Accelerating environmental initiatives: a glimpse into progress ahead of COP28

Simultaneously, the US committed to phasing out all coal-fired power plants, aligning with the Powering Past Coal Alliance. This move comes as coal remains a leading contributor to environmental issues.

The COP28 summit also witnessed Prime Minister Narendra Modi launching the Green Credits Programme in India. This innovative initiative aims to generate carbon credits through activities like reforestation on degraded land, extending the carbon credit model beyond emissions reduction to various environment-positive actions. Modi urged nations to earnestly work towards achieving their Nationally Determined Contribution (NDC) targets, emphasising the need for swift corrective actions in the face of nature-related challenges.

Read more: Net zero and a circular economy: Top 3 opportunities and challenges

While substantial contributions to the GCF have been made, the United Nations warns that current pledges fall short of the estimated $250 billion required annually by 2030 for emerging nations to adapt to changing environmental conditions. The fund not only aids environmental adaptation but also supports the transition to renewable energy in developing countries. The Green Credits Programme, complementing the global carbon credit system, promises a market-driven incentive for diverse environmental actions, benefiting individuals and communities alike.

In the pursuit of achieving net-zero emissions and fostering a sustainable future, the increasing significance of nature-based solutions and high-integrity carbon credits cannot be overstated. These solutions emerge as powerful assets in the realm of nature conservation, providing a strategic roadmap for revitalising tropical forests and the overall wellbeing of our planet. 

Partnering with DGB Group is a great opportunity to embark on your eco-conscious journey, offering opportunities to assess your environmental footprint, offset your impact with verified carbon credits, or collaborate with our dedicated team for customised solutions tailored to your specific business needs. By taking meaningful steps, you can contribute to making a positive environmental impact and play a pivotal role in shaping a greener and more sustainable future.

Take the first step for a better future with DGB

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