US, Japan miss deadline for firming up financial commitments to UN climate change fund
{{#rendered}} {{/rendered}}
A key U.N. climate fund hit a snag Thursday as major donors including the United States and Japan failed to meet a deadline for converting their pledges of climate aid into signed agreements.
The Green Climate Fund — intended to become the main international channel of climate finance for developing countries — said it had inked deals for 42 percent of the $10 billion that governments pledged last year. It needs to hit 50 percent to start considering projects for funding — something it hopes to do before a major climate summit in Paris in December.
Executive Director Hela Cheikhrouhou urged governments that haven't finalized agreements to do so "urgently" so the fund can start allocating money.
{{#rendered}} {{/rendered}}
The U.S. pledged $3 billion to the fund while Japan promised $1.5 billion.