We aren’t talking one or two million here, folks. Obama has days left in office, just days, and he spends this kind of money. Trump is expected to cease any further payments and thank the Lord for that!
Barack Obama has heeded calls to help secure the future of the historic Paris agreement by transferring a second $500m instalment to the Green Climate Fund, just three days before he leaves office.
The fund was a key aspect of the Paris agreement signed in 2015, which aims to keep global warming “well below” 2C and aspires to keep warming to 1.5C.
Established in 2010, it is financed by wealthy countries and used to assist developing countries with adaptation and mitigation. It was widely seen as a key measure to bring both rich and poor countries to the negotiating table.
The US committed to transferring $3bn to the fund. The new instalment leaves $2bn owing, with the incoming president, Donald Trump, expected to cease any further payments.