×

US gives Green Climate Fund additional $500 million grant

Mimadeo | iStock | Getty Images

In the final days of the Obama administration, the U.S. State Department has announced that it has made an extra $500 million grant to the Green Climate Fund (GCF).

In a statement on Tuesday State Department spokesman, John Kirby, said the GCF was a "critical tool that helps catalyze billions of dollars in public and private investment in countries dealing not only with the challenges of climate change but the immense economic opportunities that are embedded in the transition to a lower carbon economy."

Kirby added that the U.S. was "pleased to have played a leading role in the establishment of the GCF and we are also pleased to be making this significant grant."

The GCF was set up by the United Nations Framework Convention on Climate Change. Its aim is to "support a paradigm shift in the global response to climate change" and it assigns resources to climate resilient and low emission projects and programs in the developing world.