U.S. Withdraws from Green Climate Fund

The Trump administration is taking steps to prioritize American interests, working to curb what they see as unnecessary financial outflow.

On Thursday, Treasury Secretary Scott Bessent stated that the U.S. would “immediately” exit the Green Climate Fund (GCF), a United Nations-affiliated entity that has cost the country billions over the last decade.

“It has been decided that ongoing involvement with the GCF doesn’t align with the priorities and goals of the Trump Administration,” Bessent remarked in a social media update. “Our country will stop funding organizations like the GCF that contradict the essential idea that affordable and dependable energy drives economic growth and alleviates poverty.”

The Green Climate Fund operates under the United Nations Framework Convention on Climate Change and was established in 2010, as outlined in GCF’s timeline.

In a press release, the Treasury Department noted the administration’s commitment to promoting affordable and reliable energy sources. However, it concluded that remaining a part of the GCF was no longer in line with the administration’s objectives.

Interestingly, the Biden administration has pledged $3 billion to the United Nations Climate Fund. So far, the U.S. has contributed $2 billion since the fund’s inception, with plans for additional financial support from 2024 to 2027.

The Green Climate Fund has not yet responded to requests for comment.