Germany Pledges Record $14 Billion for International Climate Finance in 2024
Germany has pledged a substantial amount for international climate finance in 2024, totalling nearly 14 billion US dollars. This commitment, part of the Paris Agreement, aims to assist vulnerable economies in responding to climate change. The funds primarily support renewable energy, agricultural adaptation, and forest protection measures in developing and emerging countries.
In 2023, Germany set a record by contributing €11.8 billion to global climate change efforts. The funds come from various sources, including €6.1 billion from German taxpayers, €4.6 billion in loans from KfW, and €1.1 billion from private investors. Development minister Reem Alabali Radovan confirmed that these investments include both public and private funds.
In Mali, Germany has been financing the 'National Programme for Small-Scale Irrigation' since 2012, with over €200 million. In Kenya and Senegal, Germany is supporting a program to provide cleaner stoves, reducing wood burning for cooking, with a €13 million contribution.
However, not everyone agrees with the government's spending priorities. Alice Weidel accused the government of having 'skewed priorities' due to the record spending on climate financing abroad while planning to cut care allowances for disabled Germans. Rainer Zitelmann also criticized the spending, stating that it is being used to 'fleece' taxpayers in developed countries.
Germany's commitment to international climate finance is significant, with plans to contribute €2 billion to the Green Climate Fund between 2024 and 2027. The funds aim to support climate change mitigation and adaptation in developing and emerging countries, including renewable energy expansion, agricultural adaptation, and forest protection. Despite criticism, Germany remains dedicated to its pledge under the Paris Agreement.
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