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Biden Pledges $1 Billion For UN’s Green Climate Fund

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Biden Pledges $1 Billion For UN’s Green Climate Fund

(Photo by Ukrainian Presidential Press Office via Getty Images)
(Photo by Ukrainian Presidential Press Office via Getty Images)

OAN Roy Francis
UPDATED 8:29 AM – Thursday, April 20, 2023

President Joe Biden is giving $1 billion to the United Nations’ Green Climate Fund in order to help developing economies take “stronger climate Action.”

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The president confirmed the commitment from the White House on Thursday while announcing a meeting of a Major Economies Forum on Energy and Climate (MEF).

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The White House released a press statement in which it confirmed the actions that the president will be taking to “better address global challenges, like climate change” and the Green Climate Fund.

“At today’s meeting, the President will highlight new steps the United States is taking to meet its ambitious 1.5°C-aligned goal of reducing emissions 50-52 percent in 2030,” the statement said. “The President will also announce significant new steps the United States is taking to support developing countries in taking stronger climate action — including providing $1 billion to the Green Climate Fund and requesting $500 million for the Amazon Fund and related activities — and invite other countries to join the United States and others in fully leveraging the multilateral development banks to better address global challenges, like climate change.”

The group that will partake in the virtual meeting, the MEF, will include more than 20 nations, which account for about 80% of the world’s greenhouse gas emissions. The international body of state leaders are set to begin open dialogue about environmental issues in the context of total economic growth.

“In addition to partnering on new joint efforts, leaders are expected to announce other new steps their countries are taking to fulfill their nationally determined contributions under the Paris Agreement,” the White House said. “The President will encourage those countries whose 2030 Paris targets are not yet aligned with keeping 1.5 °C within reach to strengthen their targets by COP 28 this November in Dubai.”

The president is also set to urge the leaders to pledge to setting a 2030 goal for ramping up zero-emission vehicle sales. He will ask countries to ensure that by 2030, zero-emission vehicles will make up more than 50 percent of global market for light-duty vehicles, and at least 30 percent of global sales for medium and heavy-duty vehicle.

The Environmental Protection Agency (EPA) has also recently proposed tailpipe emissions standards which aim at making 67 percent of all vehicle within the U.S. to be electric by 2032.

The president will also push for the members of the MEF to align their climate targets with goal of “keeping warming to 1.5 degrees.” He will launch an effort in which he aims to draw $200 million in donations from different governments, and the private sector to help with global methane reduction in developing countries.

The U.S. government has committed to increasing the international climate finance to $11 billion by 2024, part of which include the $1 billion pledged by Biden to the Green Climate Fund.

Countries that are joining into the international goal will have their own individual targets set by November, when the U.N. climate summit, COP 28, takes place in the United Arab Emirates.

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