President Joe Biden’s administration is committing an additional $3 billion to help developing countries fight climate change, the White House announced Saturday.
The allotment will go toward the United Nations’ Green Climate Fund and will be pledged by Vice President Kamala Harris at the COP28 summit in Dubai, according to the White House. The U.S.’ pledge will bring the fund to its largest level so far, as other countries like France, the United Kingdom, Germany and Japan have already made similar commitments that totaled $9.3 billion, according to Bloomberg, who first reported the funding.
“Since day one, President Biden, Vice President Harris, and the entire Biden-Harris Administration have treated climate change as the existential threat of our time,” the White House’s announcement reads. “After spearheading the most significant climate action in history at home and leading efforts to tackle the climate crisis abroad, the United States heads into the 28th U.N. Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE) with unprecedented momentum.”
The U.S. reached $5.8 million in international funding geared toward curbing climate change in 2022, compared to $1.5 billion allotted during 2021, according to the State Department. The Biden administration will exceed $9.5 billion this year, and the president is already planning on topping $11 million in 2024.
Wealthy countries are supposed to commit $100 billion per year to help developing countries fight climate change, a pledge that began in 2020, according to Bloomberg.
The Biden administration’s commitment follows a trend of funding green energy initiatives the president has focused on during his tenure, including his signature climate law, the Inflation Reduction Act (IRA). The IRA approved $750 billion in new spending, $370 billion of which went toward Biden’s green energy initiatives aimed at curbing climate change.
The U.S. pledged over $17 million toward an international “climate reparations” fund at the summit on Thursday. The fund is also geared toward helping developing countries fight against the impacts of climate change.
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