By withdrawing the USAID from key climate agreements, Donald Trump has triggered alarm in global climate finance efforts as per the new report. The cuts are part of broader spending reductions that have removed nearly 10% of international climate funds leaving several nations most vulnerable or within a dire situation as they try to cope with the ever-worsening extreme weather events.
The US was estimated to contribute about $11 billion to global climate finance this year but Trump’s administration has halted key contributions including the Green Climate Fund and the Loss and Damage Fund.
His even more sudden exit from a Just Transition Energy Partnership with Indonesia jeopardizes this massive investment for coal phase-out.
Campaigners have floated the cuts to be a “staggering blow”. Anne Jellema of 350.org warned that the US retreat threatens the global efforts to contain warming within 1.5°C while Harjeet Singh of the Satat Sampada Climate Foundation thinks that the US being the highest historical emitter must be made accountable.
As the US withdraws more pressure builds up on other wealthy countries and emerging economies such as China to step up and fill in the gap. The very future of global climate commitments is now at stake.
