A UN-backed fund has approved more than 1 billion dollars for 19 new projects to help developing countries tackle climate change. Officials overseeing the South Korea-based Green Climate Fund said, the funding approved at the meeting in Manama includes projects linked to geothermal energy in Indonesia, greener cities in Europe and West Asia, and protection for coastal communities in India.
The officials also agreed to start seeking fresh money next year as its initial capital of about 6.6 billion dollars will soon be used up.
The fund, considered a key vehicle for climate-related development programs, was originally meant to receive over 10 billion dollars from rich countries by 2018.
But US President Donald Trump’s decision to withhold 2 billion of the 3 billion dollars pledged by his predecessor Barack Obama, contributed to a shortfall in its projected assets