Right on the heels of his historic climate agreement with China, President Barack Obama announced a pledge of $3 billion to the United Nations’ thus far underfunded Green Climate Fund. The fund was formally established in 2010 at the U.N. Climate Change conference in Cancun. The purpose of the fund was to redistribute resources between the developed world and the developing world in order to assist developing countries in their effort to adapt to and mitigate the impacts of climate change.