WASHINGTON (November 14, 2014) — President Obama announced that the United States will contribute $3 billion to the Green Climate Fund during the G20 Summit held in Australia this weekend.

Yesterday WRI's climate finance experts Alex Doukas and Athena Ballesteros blogged about how a U.S. pledge to the Green Climate Fund would build climate action momentum.

Following is a statement by Andrew Steer, President & CEO, World Resources Institute:

“This week has breathed new life into global climate action. Building on the landmark US-China climate agreement, this pledge signifies that the US is serious about delivering a global climate agreement.

“These funds provide critical support to vulnerable communities that are unable to withstand the impacts of climate change on their own. Further, these funds can be used to support US companies looking to expand low-carbon opportunities overseas. The US pledge builds on earlier financial commitments that have come under Republican and Democratic administrations alike.

“Now, we’ll be watching to see what other major countries like the UK and Japan do. They should join a growing body of nations, including Germany, France, Sweden, and the Netherlands, along with emerging economies, like Mexico and South Korea, who are contributing to a growing pot of climate finance.

“Together these countries are setting a strong foundation for the Green Climate Fund, which is critical to bring all parties to the table and unlock the negotiations. Now, negotiators heading to Lima should arrive inspired to get to work on a strong, fair and universal climate deal.”