4 climate finance priorities for the Biden administration

Published onFebruary 19, 2021

Providing funding to poorer nations to undertake climate action is not only a moral and legal responsibility for developed countries, but also a strategic investment in a cleaner and more resilient world. Such support pays dividends by reducing the severity and costs of climate impacts for people, including extreme weather, ecosystem loss and societal instability both at home and abroad. Over the last four years (see our coverage from 2017, 2018, 2019 and 2020), Congress has sought to maintain U.S. finance for international climate action, in the face of repeated efforts by the Trump administration to drastically cut funding back. But while the United States has been treading water on climate finance, the rest of the world has moved ahead, and the climate crisis is only intensifying. In 2009, developed countries made a collective commitment to mobilize $100 billion a year in climate finance for developing countries between 2020 and 2025. As the largest cumulative greenhouse gas emitter, the United States has not been doing its fair share towards this goal.

 

Source: https://www.greenbiz.com/article/4-climate-finance-priorities-biden-administration