Biden Publicizes Lengthy-Awaited US Local weather Finance Pledge at UN Basic Meeting Convening

WASHINGTON (September 21, 2020)—At his inaugural handle earlier than world leaders on the opening of the United Nations Basic Meeting at the moment, U.S. President Joe Biden introduced a brand new local weather finance pledge that doubles the administration’s prior dedication made in April, which might quantity to roughly $11.4 billion yearly by 2024. Such funds will likely be made accessible to nations on the frontlines of the local weather disaster that usually contributed little or no to world heat-trapping emissions traditionally.

Under is an announcement by Dr. Rachel Cleetus, a coverage director within the Local weather and Power Program and a lead economist on the Union of Involved Scientists (UCS). Dr. Cleetus has been attending the U.N.’s worldwide local weather talks and partnered with the worldwide group on local weather and power insurance policies for greater than 14 years.

“President Biden’s dedication to scaling up worldwide local weather finance to $11.4 billion per 12 months by 2024 is a welcome and much-needed signal that the USA is lastly taking its world local weather duties severely. Local weather weak nations—notably low- and middle-income nations—are already reeling from an unprecedented onslaught of climate-related disasters and desperately want monetary help to adapt and construct resilience to worsening impacts. They usually want assets to assist them quickly transition to scrub power.

“The US’ credibility on the world stage additionally depends upon securing home insurance policies to assist ship sharp cuts in its heat-trapping emissions. The $3.5 trillion reconciliation bundle into consideration in Congress consists of important local weather provisions that should be adopted for the nice of the nation and world efforts to stave off a number of the worst local weather impacts. Congress should additionally applicable at the least $3.3 billion in worldwide local weather finance this 12 months.”

Main assist, improvement, faith-based, environmental and science organizations—together with UCS—despatched a letter to the Biden administration yesterday urging a U.S. monetary dedication of $12 billon per 12 months by 2024 with a purpose to assist restrict warming to 1.5 levels Celsius and stave off the worst local weather impacts. Click on right here to view the joint letter. Moreover, 85 teams despatched a letter to congressional appropriators final week, urging them to offer at the least $3.3 billion in U.S. help for worldwide applications addressing the local weather disaster. Click on right here view this joint letter.

To speak to Dr. Cleetus, please contact UCS Local weather and Power Media Supervisor Ashley Siefert Nunes. Dr. Cleetus may also talk about the Construct Again Higher laws and UCS becoming a member of within the name to postpone the annual U.N. local weather talks, additionally known as COP26.

Related posts

Shares shut out risky week within the purple as merchants assess Omicron, Fed charge hike indicators


China has expressed some openness to offering army and monetary support to Russia, US cable suggests


Riskonnect Broadcasts David Rockvam as Chief Monetary Officer