Who could replace US climate financing?

Decarbonization is a long game with a shifting line-up of players—and funds.

Anthropocene Magazine | April 17, 2025
By Mark Harris

Lawsuits and political pressure may save a few projects here and there but the future of climate financing under the current US administration seems clear—there isn’t one. From a high water mark of over $11 billion in climate aid for developing countries last year, the US has already cancelled over $4 billion in pledges and will almost certainly renege on most of its other climate-related commitments. In the blink of an eye, the US has ceded its position as the largest global climate donor. Here, we stare into the climate financing hole and ask what’s next.