The World Bank Group and the Global Covenant of Mayors for Climate and Energy on Tuesday announced a $4.5 billion fund for 150 cities around the world to combat the effects of climate change.

The announcement was made at the One Planet Summit in Paris, which was held to mark the second anniversary of the Paris Agreement on greenhouse gases.

French President Emmanuel Macron, UN Secretary-General Antonio Guterres and World Bank Group President Jim Yong Kim hosted the summit meeting.

"The battle for climate change has not yet been won. There is no plan B," said Guterres.

"This summit is a new phase in our common struggle," said Macron.

Former U.S Secretary of State John Kerry said it is an “embarrassment” that the U.S withdrew from the Paris Agreement, adding the decision was made by President Donald Trump and not by Americans.

The Paris Agreement, signed by 195 countries in April 2016, aims to fight climate change by reducing carbon emissions and limiting the global temperature rise to below 2 degrees Celsius. 

The Global Covenant of Mayors for Climate and Energy is an organization supported by nearly 7,500 municipalities from 119 countries that operate locally, regionally and globally.

The summit resolved to implement a 12-point action plan against climate change and the global warming threat, including allocating a budget of $3 billion to address climate challenges faced by island nations.

Another $300 million is planned to be allocated to countries including France and Canada until 2030 to struggle against the negative consequences of climate change.

In addition, along with many countries, the Gates Foundation and the European Union Commission decided to provide $650 million in funding for developing countries to combat climate change and adapt to new requirements.

Nearly 100 heads of government and senior officials from around the world are attending the summit.