Today, President Obama released his 2016 Budget Request outlining the administration’s spending plans for the coming fiscal year. The request includes $500 million in funding for the Green Climate Fund, and $230 million for the Climate Investment Funds. The budget allocation to the Green Climate Fund is part of the $3 billion pledge the U.S. made in November 2014, while $230 million requested for the Climate Investment Funds would complete a commitment made under the Bush Administration in 2008.

Following is a statement by Athena Ballesteros, Director, Finance Center, World Resources Institute:

“The president’s budget includes allocations that will help slow climate change and safeguard U.S. interests and global prosperity. These commitments are important to support U.S. businesses that export value-added products and technologies overseas, and to protect vulnerable communities.

“The proposed budget will help mobilize the Green Climate Fund as soon as possible. The GCF has already received pledges of USD 10.2 billion, with a broad base of contributors from both developed and developing countries, including: Mexico, South Korea, Panama, Indonesia, and Mongolia.

“The Green Climate Fund can catalyze additional private sector support for international climate action. With a new Private Sector Facility, the GCF can unlock innovation in efforts to reduce emissions and adapt to a changing climate.

“This is a continuation of U.S. leadership, including the previous administration’s focus on clean technology through support of the Climate Investment Funds. By signaling its financial commitment, the U.S. can help build support for a strong, universal climate agreement later this year.”

Recent blog posts on the Green Climate Fund by WRI experts: