I'm not convinced it's effective. It might be if they're lucky, but it wouldn't be thanks to any grand plan like the one I just talked about.
If the contribution agreements lead to a reduction of only 6 megatonnes of greenhouse gas, at a cost of $8 billion, then indeed, that's not effective. However, we need to know the amounts of GHG emissions prevented under the other contribution agreements.
To date, the initial funding of over $3 billion has only led to a 6.2 megatonne reduction in GHG emissions, and that's not effective.