Climate fund allots $1bn for poor nations

Officials overseeing a U.N.-backed fund to help poor countries tackle climate change have approved more than $1 billion in new investments after a four-day meeting in Bahrain. The Green Climate Fund said on Sunday that the meeting approved 19 new projects, including a programme to protect freshwater resources in Bahrain. Environmentalists had argued the Gulf nation should pay for the project itself using money it made from its vast reserves of oil and gas. Officials also agreed to start seeking new money for the fund next year. President Donald Trump’s decision to withhold $2 billion of the $3 billion pledged by predecessor Barack Obama has contributed to a fund shortfall. The South Korea-based fund is considered a key vehicle for climate-related development programmes.

Source : https://www.thehindu.com/todays-paper/tp-life/climate-fund-allots-1bn-for-poor-nations/article25282100.ece

About ChinmayaIAS Academy - Current Affairs

Check Also

INDIA-INDONESIA COORDINATED PATROL

CONTEXT: Recently, the 35 edition of India-Indonesia Coordinated Patrol (IND-INDO CORPAT) between the Indian Navy …

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Free Updates to Crack the Exam!
Subscribe to our Newsletter for free daily updates