The Biden administration has pledged millions of dollars to a de facto international “climate reparations” fund at the United Nations (UN) climate summit in the United Arab Emirates (UAE).
The fund, referred to by its proponents as a “loss and damage fund,” is intended to have developed countries transfer money to the developing world as compensation for the impacts of climate change. The U.S. promised more than $17 million to the fund on Thursday, according to Axios.
Numerous energy industry experts previously told the Daily Caller News Foundation amounts to a “climate reparations” program that redistributes wealth from the West to the third world in a “global shakedown.” (RELATED: House Democrats Pressure Biden Admin To Embrace Climate Reparations)
“We’ve delivered history today. The first time a decision has been adopted on day 1 of any COP. And the speed in which we have done so is also historic.
Getting this done demonstrates the hard work of so many, particularly members of the transitional committee who worked… pic.twitter.com/vPIpX5QBjw
— COP28 UAE (@COP28_UAE) November 30, 2023
The fund will be administered by the World Bank on an interim basis, according to Axios. In addition to the American pledge of $17.5 million, the U.K. pledged $75 million, the UAE and Germany each offered $100 million and the European Union pledged 200 million Euros.
The U.S. has repeatedly emphasized that all payments into the fund are voluntary and therefore are not an admission of legal liability, according to Axios. It is unclear whether these pledged payments will actually be made in full, or whether taxpayer dollars will be used; it is possible that private dollars or more innovative funding mechanisms are used.
Notably, China is not considered a developed nation by the UN, even though the country is by far the world’s leading emitter and second-largest economy.
The State Department and the White House did not respond immediately to requests for comment.
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