Image source: https://us.boell.org/en/2021/12/16/deferred-not-defeated-outcome-loss-and-damage-finance-cop26-and-next-steps
Joe Biden began his presidency promising to restore U.S. credibility in climate action and international cooperation.
President Biden was inaugurated on his first day in office. Moved to join the Paris Climate Accord. Soon after, he convened an leaders climate summit, where he Obama-era spending will be doubledInternational climate finance, which is intended to help poorer nations cope with climate impacts, and transition away form fossil fuels, to $5.7 million annually. In September, the U.N. general Assembly met. President Biden increased that ambition again, pledging to collaborate with Congress to increase funds by up to $11.4 billion annually by 2024
And yet, the $1.5 trillion budget deal President Biden signed into law last week allocates a measly $1 billion for international climate finance—only $387 million more than Trump-era spending, far short of what the Administration requiredThis represents a small fraction from the $11.4 billion promised by the administration by 2024. The bipartisan deal also allocates $782 billion to support the military and war effort. In other words, the United States will invest more than twice as much each day in the military than it does in one year in international climate financing.
If the United States continues its current pace of international climateinvestments, It will take until 2050To reach that $11.4 million goal.
Image source: https://www.climatechangenews.com/2022/03/11/betrayal-us-approves-just-1bn-climate-finance-for-developing-countries-in-2022/
A decade ago, rich nations gathered at COP15 in Copenhagen. Collectively, we will provide $100 billion each yearfor climate adaptation in developing countries by 2020. This amount was Politically manufactured, but not even closeTo meet the actual need still hasn’t been met. To make matters worse 80% of the funds were deliveredInstead of grants, loans or private finance are used.
Even by the Unacceptable $100 billion metricThe United States is far behind. The Overseas Development Institute has done a conservative analysis and found that the U.S. should contribute about 5% to the $100 billion climate finance goal. $43 billion per annumBased on the size and history of our economy.
$1 billion is not a small amount when it comes to actual needs and paying our fair part. Major climate groups called for the United States to deliver last year, after trying to estimate actual needs. At least $800 billion cumulatively by 2030—averaging roughly $90 billion annually—as a Payments made in good faithOur fair share.
The ink is still wet on the The latest major U.N. reportsU.S. climate ambassador warns of climate change and the growing need to finance it. John Kerry guaranteedU.S. contributions are expected to help rich countries reach $100 billion by 2023. However, Military spending continues to increaseThe U.S. has repeatedly failed to deliver on climate investments that we need in this country and on payments that we owe countries hardest hit around the world.
Even a small 10% of the military budget could be reallocated to urgent climate finance needs. This would help us pay our fair share.
