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Germany Pledges $1 Billion to UN Green Climate Fund

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, designed to channel climate aid to poor nations, has so far only had seed capital to help set itself up. In May, it opened up for big donations after completing rules on how it will collect and disburse money. Executive Director Hela Cheikhrouhou said in an interview last month that she’s seeking to raise as much as $15 billion by year-end.