,,ii #aahth ,,congress #b;d ,session ,s4 #dahe ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,april #ah1 #bjbd,mr4 ,merkley 7for himself1 ,mr4 ,markey1 and ,mr4 ,sanders7 introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,a ,,bill ,to authorize appropriations for climate financing1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,green ,climate ,fund ,authorization ,act of #bjbd4 #b4 ,findings ,congress finds that-- 7#a7 climate change most severely impacts vulnerable and disadvantaged communities in the ,united ,states and around the world2 7#b7 it is the responsibility of the ,united ,states ,government to work with its global partners to promote environmental justice and climate justice2 7#c7 the #bjbc report of the ,intergovernmental ,panel on ,climate ,change1 entitled ,,ar#f ,synthesis ,report3 ,climate ,change #bjbc1 found that current global financial flows for climate adaptation are insufficient for1 and constrain implementation of1 climate adaptation options1 especially in developing countries2 7#d7 the report of the ,united ,nations ,environment ,programme entitled ,climate ,change and the ,cost of ,capital in ,developing ,countries1 dated ,may #bjah1 found that1 in the #aj years prior to the publication of the report1 climate vulnerability had cost the #bj nations most affected by catastrophes rooted in climate change an additional #fb1jjj1jjj1jjj in interest payments alone2 7#e7 individuals and families1 particularly communities of color1 indigenous communities1 and low-income communities1 that are on the frontlines of climate change across the globe are often in close proximity to environmental stressors or sources of pollution2 7#f7 the communities described in paragraph 7#e7-- 7,a7 are often the first exposed to the causes and impacts of climate change2 and 7,b7 have the fewest resources with which to mitigate those impacts or to relocate2 7#g7 all efforts to adapt to and mitigate climate change must include specific protections for and acknowledgment of the harm of climate change to communities of color1 indigenous peoples1 women1 and other frontline communities and marginalized peoples around the world2 7#h7 in ,paris1 on ,december #ab1 #bjae1 the parties to the ,united ,nations ,framework ,convention on ,climate ,change adopted the ,paris ,agreement1 a benchmark agreement-- 7,a7 to combat climate change2 and 7,b7 to accelerate and intensify the actions and investments needed for a sustainable low carbon future2 7#i7 the ,paris ,agreement1 to which the ,united ,states is a party1 acknowledges1 ,parties should1 when taking action to address climate change1 respect1 promote and consider their respective obligations on human rights1 the right to health1 the rights of indigenous peoples1 local communities1 migrants1 children1 persons with disabilities and people in vulnerable situations and the right to development1 as well as gender equality1 empowerment of women and intergenerational equity42 7#aj7 the ,paris ,agreement-- 7,a7 notes the importance of climate justice when mitigating and adapting to climate change2 and 7,b7 recognizes the need for an effective and progressive response to the urgent threat of climate change2 7#aa7 it is imperative for all countries to undertake mitigation activities to rapidly meet the goal of limiting global warming to not more than #a4e degrees ,celsius2 7#ab7 developed countries have the greatest capacity to mitigate their greenhouse gas emissions1 while-- 7,a7 developing countries have the least capacity to engage in mitigation activities2 and 7,b7 the capacity of developing countries to engage in mitigation activities is less than the national mitigation potential of those developing countries2 7#ac7 the determination for the fair share of mitigation and adaptation activities for each country must take into account-- 7,a7 the historic greenhouse gas emissions of each country2 and 7,b7 the current capacity of each country to both mitigate greenhouse gas emissions and adapt to climate impacts2 7#ad7 developed countries that have historically emitted a disproportionately high share of greenhouse gas emissions1 and reaped the economic benefits of those polluting activities1 have a corresponding and disproportionately greater responsibility to engage in global mitigation and adaptation activities than less industrialized countries that have historically polluted far less2 7#ae7 the only realistic way for less industrialized countries to meet their full mitigation potential is through international climate financing by more developed countries2 7#af7 in the #bjji ,copenhagen ,accord1 developed countries committed to jointly mobilize1 starting in #bjbj1 #ajj1jjj1jjj1jjj per year in public climate financing 7as well as private investments and other alternative forms of finance7 for developing countries1 a commitment reaffirmed in #bjae in ,decision #a_/;,,cp4#ba of the ,united ,nations ,framework ,convention on ,climate ,change1 ,adoption of the ,paris ,agreement2 7#ag7 the #ajj1jjj1jjj1jjj commitment described in paragraph 7#af7 was a political compromise that falls short of the actual financing needs for climate action in developing countries2 7#ah7 ,bloomberg ,new ,energy ,finance has estimated that the transition to renewable energy sources in developing countries will require hundreds of billions of dollars annually2 7#ai7 the ,united ,nations ,environment ,programme has estimated that adaptation needs relating to climate change in developing countries may be as much as #chg1jjj1jjj1jjj annually by #bjcj2 7#bj7 the ,green ,climate ,fund was created in #bjaj by #aid countries to serve as a crucial financing mechanism to help developing countries limit or reduce greenhouse gas emissions and adapt to climate change2 7#ba7 in #bjae1 the ,united ,nations ,framework ,convention on ,climate ,change agreed that the ,green ,climate ,fund should serve the goals of the ,paris ,agreement1 which states that developed country ,parties shall provide financial resources to assist developing country ,parties with respect to both mitigation and adaptation in continuation of their existing obligations under the ,convention2 7#bb7 the ,green ,climate ,fund is an essential institution for climate financing1 as the ,green ,climate ,fund ensures-- 7,a7 balanced governance between developed and developing countries2 7,b7 stakeholder engagement and discourse2 7,c7 a balanced approach between mitigation and adaptation2 7,d7 fair and equal labor and working conditions2 7,e7 conservation of biodiversity and critical habitats2 and 7,f7 strong environmental1 social1 and gender protections2 7#bc7 the ,green ,climate ,fund-- 7,a7 promotes and protects human rights and the rights of marginalized groups1 including indigenous peoples1 women1 children1 and people with disabilities2 and 7,b7 continues to take steps to strengthen protections for marginalized groups2 7#bd7 in #bjad1 the ,united ,states announced its intention to contribute #c1jjj1jjj1jjj of the first #aj1jjj1jjj1jjj raised for the initial resource mobilization period of the ,green ,climate ,fund1 but ultimately failed to fully honor this commitment2 7#be7 pledges for the first replenishment period of the ,green ,climate ,fund 7,,gcf-#a7 totaled #i1hgj1jjj1jjj1 without any participation from the ,united ,states2 7#bf7 almost all major contributors doubled the amount of their contribution from the initial resource mobilization phase for the ,,gcf-#a replenishment2 7#bg7 in ,december #bjbc1 at the ,,cop#bh climate negotiations in the ,united ,arab ,emirates1 the ,united ,states announced its intention to contribute an additional #c1jjj1jjj1jjj for the ,green ,climate ,fund's second replenishment period 7,,gcf-#b72 7#bh7 as of ,february #bjbd1 the ,united ,states has contributed only #b1jjj1jjj1jjj in total funding to the ,green ,climate ,fund2 and 7#bi7 the ,green ,climate ,fund is the world's largest and most innovative multilateral climate fund1 and is a fully operational and proven institution supporting nearly #bej projects in #abi developing countries4 #c4 ,statement of policy ,it is the policy of the ,united ,states to provide climate financing-- 7#a7 as an essential part of the global effort to combat climate change2 and 7#b7 that-- 7,a7 upholds the principles of environmental justice and climate justice2 7,b7 supports programs and projects developed by recipient countries and communities2 7,c7 is designed and implemented with the free1 prior1 and informed consent of indigenous peoples and other impacted communities2 7,d7 promotes gender equality as essential in all of the projects and programs supported by climate financing2 7,e7 includes best practices for environmental and social safeguards to ensure that projects and programs supported by climate financing respect fundamental human rights2 and 7,f7 addresses mitigation1 adaptation1 and the treatment of loss and damage as essential aspects of responding to climate change4 #d4 ,authorization of appropriations 7a7 ,in general ,there is authorized to be appropriated for contributions to the ,green ,climate ,fund #d1jjj1jjj1jjj for each of fiscal years #bjbe and #bjbf4 7b7 ,sense of ,congress ,it is the sense of ,congress that the climate financing needed to achieve the greenhouse gas emissions reductions necessary to keep the planet at or below #a4e degrees ,celsius of global warming is significantly greater than the amount of funds authorized to be appropriated under subsection 7a74 #e4 ,definitions ,in this ,act3 7#a7 ,climate financing ,the term climate financing means the transfer of new and additional public funds from developed countries to developing countries for projects and programs that-- 7,a7 reduce or eliminate greenhouse gas emissions2 7,b7 enhance and restore natural carbon sequestration2 7,c7 promote adaptation to climate change2 and 7,d7 address climate change-induced losses and damages4 7#b7 ,green ,climate ,fund ,the term ,green ,climate ,fund means the independent1 multilateral fund-- 7,a7 established by parties to the ,united ,nations ,framework ,convention on ,climate ,change2 and 7,b7 adopted by decision as part of the financial mechanism of the ,united ,nations ,framework ,convention on ,climate ,change4 7#c7 ,paris agreement ,the term ,paris ,agreement means the annex to ,decision #a_/;,,cp4#ba adopted by the #bast ,conference of ,parties of the ,united ,nations ,framework ,convention on ,climate ,change in ,paris1 ,france1 on ,december #ab1 #bjae4