Originally published by Center for American Progress on April 2, 2016 by Ben Bovarnick & Alexander Tankou.
Since 2014, more than 30 countries have pledged support to launch the Green Climate Fund, or GCF, a new multilateral fund that will invest in projects that help developing countries reduce their greenhouse gas emissions and build resilience to climate effects. More than $10 billion has been pledged by countries from both developed and developing regions for the fund’s preliminary capitalization. The Obama administration requested $500 million in the fiscal year 2016 federal budget as an initial contribution toward the $3 billion U.S. pledge. Now is the time for Congress to appropriate this initial contribution and continue the bipartisan legacy of multilateral climate finance.Investing in the GCF is in the United States’ interest for several reasons. First, as the Department of Defense has reported, climate change has the power to destabilize vulnerable regions and create space for the growth of extremism. Creating climate-resilient communities around the world therefore benefits U.S. national security interests by helping avert the need for costly military interventions. Investing in a low-carbon economy also improves domestic climate safety and economic security, as failure to rein in emissions would carry ever-rising costs for disaster recovery and adaptation. Already, extreme weather events cost the United States billions of dollars annually. In 2014, the United States experienced eight extreme weather events that each resulted in losses in excess of $1 billion.
Read the full report here: https://www.americanprogress.org/issues/green/news/2015/04/02/110396/the-business-case-for-the-green-climate-fund/