“We additionally must help the nations of folks that might be hit the toughest and which have the fewest sources to assist them adapt,” Biden said, saying that spending, combined with using nonpublic funding, will bring rich nations closer to the $100 billion in local weather finance that they had promised poorter nations.
Biden had previously pledged to raise US climate finance to $5.7 billion annually by 2024; his most recent proposal puts it at $11.4 billion.
Wealthy nations have dropped by more than $20 billion and aim to deliver on a previous 2009 promise to provide poorer nations with $100 billion in annual local weather assistance, as recommended by the financial cooperation and improvement group.
Environmental and human rights activists praised Biden’s announcement, although some remarked that Obama’s budget would still far short of what the country needs and spends on other foreign policy priorities.
“What the administration has pledged up to now fails to satisfy the dimensions of the problem,”Brandon Wu
“What the administration has pledged up to now fails to satisfy the dimensions of the problem,” said Brandon Wu, head of reporting and campaigns at ActionAid USA, in a news release, citing Biden’s new pledge.
At UNGA, President Biden just committed to double the $5.7 billion 2024 bilateral US climate finance benchmark for developing country mitigation & adaptation actions that he laid out in April. This welcome announcement will help developed countries meet their $100 billion pledge.
— aldenmeyer (@aldenmeyer) September 21, 2021
Biden's "doubling" of the U.S. climate finance pledge in his #UNGA speech implies $11.4bn annually by 2024. Any increase is good, and the administration deserves credit for listening to its critics. But for context, Biden's FY22 defense spending request was roughly $750bn. (1/4)
— Brandon Wu (@brandoncwu) September 21, 2021