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A senior Biden administration official stated to CNN that Biden promised April that the US would increase its contribution global climate financing funding to $5.7 billion per annum. This would make his new commitment to $11.4 billion per annum.
The final responsibility for appropriating climate funds will be on the Congress, although the final number could change. Congressional Democrats are currently drafting Biden’s $3.5 Trillion budget bill, which includes the large amount of spending for Biden’s climate- and clean energy programs.
Biden stated that his new pledge will make the United States “leader in public climate finance.”
Biden stated that “with our additional support together with increased private capital and other donors, we’ll achieve the goal of mobilizing $100billion to support climate action in developing countries.”
CNN was informed by a senior administration official that Biden had made it clear that the United States would fulfill its climate finance promises, including to the Green Climate Fund. This is the UN’s main climate financing mechanism.
Official said that Biden’s 2022 budget request “envisions significant additional contributions to the GCF”, and that the White House would continue to work with Treasury, Congress, as well as other countries, on future contributions, especially in the context the fund’s second replenishment.”
The US was also criticised for failing to transfer any money during the Trump administration. Trump pulled America out of its global climate financing obligations when he pulled from the Paris climate agreement. The Obama administration paid $1 billion of the original $3 billion commitment that it made in 2014.
Even with Biden’s new commitment, US allies contribute even more to the effort. For instance, the European Union transfers around €25 billion a year (the equivalent of $29.3 billion).
Biden’s larger climate agenda which includes billions to boost renewable energy as well as a new program to decarbonize the US electricity sector, is currently moving through Congress.
Biden stated Tuesday that his administration was working closely with Congress to make crucial investments in green infrastructures and electric vehicles. “It will help me lock my progress at home towards my climate goals.”
CNN has been informed by experts that it will be extremely difficult for the US achieve its target of 50-52% greenhouse gas emission reductions below 2005 levels by 2030. This is unless Congress and Biden work together to pass a budget bill.
Progressive and moderate Democrats have reached an impasse over the overall package’s size. West Virginia Democratic Senator Joe Manchin has expressed concern about the bill’s climate provisions.
The impact of the US budget bill on domestic politics will be huge for US climate policy.
Sky News’s US Special Climate Envoy John Kerry stated that the US would meet its climate financing commitments “done” by November’s pivotal international climate summit in Glasgow. Also known as COP26.
Kerry stated, “I believe we’re going get it done at COP, and the United States of America will do its bit.” “I am not hoping, but I am telling you to watch the speech of President Obama, and we will see where we are.”
CORRECTION! An earlier version of this story mischaracterized Biden’s request to contribute to the Global Climate Fund. Biden requested it in his budget request to fiscal year 2022. This story has been updated.
