Home Updates US will provide over $11b Climate Aid to Poor Nations

US will provide over $11b Climate Aid to Poor Nations

Joe Biden said Tuesday that the U.S. would provide more than $11 billion of climate aid yearly by 2024 to assist poorer countries

Joe Biden, the President of the United States, said Tuesday that the U.S. would provide over $11 billion of climate aid yearly by 2024 to assist poorer nations susceptible to extreme weather and rising temperatures. However, Biden didn’t specify in his speech to the General Assembly of the United Nations how he plans to influence Congress to surge aid from a formerly announced $5.7 billion commitment, which doubles the aid levels of Obama-era.

The relative prudence from the United States on climate aid seen as a key difficulty to secure a more ambitious move as nations head into November international climate talks in Glasgow, Scotland. However, how the president will realize his promise to quadruple the United States climate aid is an open question, telling the GA that his government will collaborate with Congress to achieve that target. Biden also said that the U.S. also has to support the nations that will be hit the toughest and have the fewest resources to help them acclimatize.

The president said that spending mutual with empowering private financing would bring rich nations closer to the $100 billion in yearly climate finance it pledged to poorer countries. In addition, it will make the United States the leader of public climate finance. Moreover, the climate conference of the United Nations seen as a political crisis moment for the global bid to keep temperatures from rising 1.5 °C above preindustrial levels. Last week, the United Nations said that accomplishing present commitments to decrease greenhouse gases would still warm the Earth at 2.7 °C in 2100.

Countries Pressurized the U.S. to Boost Climate Aid Targets

In recent weeks, countries worldwide increased pressure on the United States to lift climate aid targets. According to the Organization for Economic Cooperation & Development, rich countries fell over $20 billion short of meeting a previous 2009 promise to supply poorer countries with $100 billion of annual climate assistance. Republican leaders historically avoided doling out more money for world climate initiatives.

US will provide over $11b Climate Aid to Poor Nations
The United States will provide over $11 Billion Climate Aid to Poor Nations
Source: Web

A senior administration official told POLITICO that no agency is responsible for hitting this aim and will provide funds through the full range of channels, meaning the United States could lean on multilateral and bilateral funding such as development banks. The official further said the announcement sets a crucial goal for agencies as the 2022 fiscal year assumptions and fiscal year 2023 budget cycle approach.

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