President Barack Obama will announce a $3 billion U.S. contribution to an international fund to help poor countries cope with the affects of climate change, an administration official said on Friday, Reuters reported.
The large size of the contribution took climate policy watchers by surprise and doubles what other countries had previously pledged ahead of a Nov. 20 deadline. It would be the second major move on climate change taken by Obama after big Democratic losses in last week's midterm elections.
Obama is expected to announce the pledge at this weekend's meeting of G-20 industrial nations in Australia.
The Green Climate Fund will work with private sector investment and help spur global markets in clean energy technologies, creating opportunities for entrepreneurs and manufacturers including those from the United States.