COP28's Climate Fund: From Promises to Reality

The United Nations climate summit, COP28, is facing the challenge of securing the necessary funds to address the climate crisis. Vice President Kamala Harris promised $3 billion for the Green Climate Fund, but the Biden administration is uncertain about Congress approving the funds. Additionally, a new carbon credit initiative involving major companies aims to support developing countries in transitioning to renewable energy. However, the lack of government funding remains a significant obstacle. Developing countries require substantial financial support to cope with climate impacts and transition to renewable energy, but current funding falls far short of the estimated need. The success of COP28 will depend on whether it can secure the required funds to address climate change.