A United Nations-backed fund has approved more than US$1 billion ($1.52b) for 19 new projects to help developing countries tackle climate change, officials said yesterday.
During a four-day meeting in Bahrain that ended on Sunday, officials overseeing the Green Climate Fund also agreed to start seeking fresh money next year as its initial capital of about US$6.6b will soon be used up.
The South Korea-based fund, considered a key vehicle for climate-related development programmes, was originally meant to receive more than US$10b from rich countries by 2018. But US President Donald Trump's decision to withhold US$2b of the US$3b pledged by his predecessor, Barack Obama, has contributed to a shortfall in its projected assets.
Funding approved at the meeting in Manama includes projects linked to geothermal energy in Indonesia, greener cities in Europe and the Middle East, and protection for coastal communities in India.
But delegates sparred over a request from host country Bahrain to receive funding to protect its freshwater resources. Environmentalists had pointed out that the Gulf nation could pay for the project itself using money it has made off its vast reserves of oil and gas. The project was eventually approved, but with only US$2.1m of the US$9.8m requested by Bahrain. Decision on a funding bid by China was postponed after concerns from Japan and the US about the possibility that the money could be used to subsidise research into new technology.
