Biden's new budget includes funds for climate change initiatives
President Joe Biden has proposed significant funding toward the United Nations Green Climate Fund in his latest budget plan.
Timothy Cama reports for E&E News.
In short:
- Biden's fiscal 2025 budget aims to fulfill a pledge to the United Nations by proposing $500 million for the Green Climate Fund, with gradual increases up to $1 billion by 2028.
- The proposal includes making these funds mandatory to ensure they are shielded from political fluctuations, highlighting the administration's commitment to international climate finance.
- The plan is part of the President’s Emergency Plan for Adaptation and Resilience, targeting over half a billion people in developing countries to adapt to climate change impacts.
Key quote:
"This funding will unlock private capital that will enhance energy security by diversifying energy sources, help countries to reduce their emissions, enable the most vulnerable to adapt to climate change, and strengthen the resilience of their economies and critical infrastructure.”
— U.S. State Department
Why this matters:
President Biden's budgetary commitment underscores a significant U.S. re-engagement with global climate finance, signaling a shift toward more sustainable energy sources and resilience against climate change.
In 2021, Kartik Amaranth argued that methods of investing, lending, and risk assessment must change to prioritize equity.
