Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

US pledges $3bn to a global climate fund at COP28 meet

Prior to the US announcement, $13.5 billion had been pledged to the Green Climate Fund. (AFP)
  • The amount, which must be approved by the US Congress, will go into the Green Climate Fund (GCF), which was created in 2010
  • The last US contribution to the fund for developing countries was made under then President Barack Obama, who committed $3 billion in 2014

Dubai, UAE – Vice President Kamala Harris told the UN’s COP28 conference on Saturday that the United States will contribute $3 billion to a global climate fund — its first pledge to it since 2014.

“Today, we are demonstrating through action how the world can and must meet this crisis,” Harris told the climate summit in Dubai.

The new money, which must be approved by the US Congress, will go into the Green Climate Fund (GCF), which was created in 2010.

The last US contribution to the fund for developing countries was made under then President Barack Obama, who committed $3 billion in 2014.

US President Joe Biden sent Harris in his place to COP28.

The world’s biggest climate fund funnels grants and loans for adaptation and mitigation projects in developing countries, such as solar panels in Pakistan or flood management in Haiti.

Prior to the US announcement, $13.5 billion had been pledged to the GCF.

The failure of wealthy nations to fulfill financial pledges to help developing nations cope with climate change has fueled tensions and mistrust at climate negotiations.

Developing countries least responsible for climate change are seeking support from richer polluting nations to adapt to the increasingly ferocious and expensive consequences of extreme weather, and for their transitions to cleaner energy sources.

The GCF plays a part in a separate promise by rich countries to supply $100 billion of climate financing to poorer nations annually. But that pledge was only likely met in 2022, two years late.