Obama Makes First $500 Million Payment For Paris Climate Change Agreement
Remember when Obama recently went to Paris and agreed to commit massive amounts of U.S. tax dollars to fighting climate change? He just made the first payment.
The Guardian reports:
Obama administration pays out $500m to climate change project
The Obama administration has made a first installment on its $3bn pledge to help poor countries fight climate change – defying Republican opposition to the president’s environmental plan.
The $500m payment to the Green Climate Fund was seen as critical to shoring up international confidence in Barack Obama’s ability to deliver on the pledges made at the United Nations’ climate change conference in Paris in late 2015.
Obama is expected to announce a number of joint climate initiatives when Canadian prime minister Justin Trudeau visits Washington this week, sources familiar with the plans said.
The White House is also working with United Nations officials to encourage countries to formally approve the Paris climate agreement ahead of a signing ceremony on 22 April.
At least 55 countries, representing at least 55% of global climate emissions, must ratify the agreement before it formally takes effect.
Administration officials said the initial $500m payment to the Green Climate Fund demonstrated that Obama would follow through on the promises of last December’s Paris climate agreement – despite February’s setback at the supreme court and threats by Republican presidential candidates to dismantle Obama’s agenda.
“Today, the United States provided a $500m grant to the Green Climate Fund,” a state department official said. “This grant is the first step toward meeting the president’s commitment of $3bn to the GCF, and shows that the United States stands squarely behind our international climate commitments.”
He sure is good at spending other people’s money, isn’t he?