World Economy

Climate Fund Receives $9.3b Pledge

Climate Fund Receives $9.3b PledgeClimate Fund Receives $9.3b Pledge

Thirty nations meeting in Berlin have pledged $9.3 billion for a fund to help developing countries cut emissions and prepare for climate change.

The Green Climate Fund was to have held at least $10b by the end of 2014, making the pledge just shy of the target, BBC reported. The South Korea-based fund aims to help nations invest in clean energy and green technology. It is also designed to help them build up defenses against rising seas and worsening storms, floods and droughts. Rich nations previously vowed that by 2020, developing countries would get $100b a year from such a fund.

The US had already pledged $3b and Japan $1.5b. The UK, Germany and France have promised about $1b each, and Sweden more than $50 million.