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In another climate and money withdrawal, US pulls out of climate damage compensation fund

The Trump administration has announced that the U.S. Is withdrawing from the international climate Loss and Damage Fund, with U.S. Board members resigning from it.
In 2022, then-President Joe Biden pledged that the U.S. Would contribute $17.5 million to the fund, but other countries have committed more.
Climate analysts, including Mohamed Adow, criticized the decision, stating it would lead to suffering for the poorest communities affected by climate disasters.
Rachel Cleetus, a representative of the Union of Concerned Scientists, called the withdrawal a cruel action that reflects the U.S.'s failure to support vulnerable nations bearing the climate crisis burden.

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Democracy Now!

Trump Withdraws US from Climate Damage Compensation Fund

President Trump has withdrawn the United States from a United Nations-negotiated loss and damage fund aimed at partly compensating poorer countries from the irreversible effects of the climate crisis. Nearly 200 countries agreed to establish the fund at the COP28 climate summit in Dubai in 2023. As of January, the U.S. had pledged just $17.5 million out of about $740 million in pledges from wealthy nations. Mohamed Adow, climate analyst and foun…

2 days ago·New York, United States

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Bloomberg

The Oil Inside Calpers’ Climate Portfolio

Today’s newsletter looks at a conundrum facing the largest pension fund in the US. Calpers had pledged billions in climate-friendly investments, but amid a rollback in net-zero goals across the energy sector its fund is looking less green. Read more below, or get the full story on Bloomberg.com. For unlimited access to climate and energy news, please subscribe.

3 days ago·United States

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ESG Dive

US denounces UN’s sustainable development goals, quits climate damage fund

The U.S. voted against resolutions that promoted climate action, gender equality and withdrew from the United Nations’ Loss and Damage fund, all within a day.

3 days ago

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CGTN

U.S. pulls out of climate fund as other nations step up

Formalizing another withdrawal from both climate and foreign aid programs, the Trump administration has informed world financial institutions that the United States is pulling out of the landmark International Climate Loss and Damage Fund.Climate analysts have criticized the Treasury Department's decision to formally withdraw from the fund, which was designed as compensation for damage caused by polluting nations to poorer countries, particularl…

3 days ago·Beijing, China

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Le Monde

US withdraws from landmark climate loss and damage fund

The Trump administration has withdrawn from the program designed to aid poor nations suffering from climate change impacts. Critics said this will worsen suffering for populations already struck by climate disasters.

3 days ago·Paris, France

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VOA News

US pulls out of climate damage compensation fund

The Trump administration has told world financial institutions that the U.S is pulling out of the landmark international climate Loss and Damage Fund. Climate analysts Monday were critical of the U.S. Treasury Department's decision to formally pull out from the fund designed as compensation for damage by polluting nations to poor countries especially hurt by the extreme storms, heat and drought caused by the burning of coal, oil and gas. A Treas…

3 days ago·United States

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