Germany Pledges $1 Billion to UN Green Climate Fund

Germany Pledges $1 Billion to UN Green Climate Fund

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German Chancellor Angela Merkel promised 750 million euros ($1 billion) to the United Nations Green Climate Fund, the first major pledge it has received.

The fund is designed to channel climate aid from industrialized countries to poor nations that need projects to reduce greenhouse gas emissions and protect against the effects of climate change.

Until now, the fund only had seed capital to help set itself up.

(READ more from Bloomberg News)

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