At an energy and climate forum of major economic powers on Thursday, President Joe Biden urged their leaders to step up efforts to limit global warming to 1.5 degrees Celsius.
Biden said the previously passed Cut Inflation Act is the biggest climate change investment in history, which will reduce annual carbon dioxide emissions by one billion tons by 2030.
Ahead of the 2023 United Nations Climate Change Conference (COP28) in Dubai, the President called on major global economic powers to set targets and take action to achieve the Paris Climate Agreement.
“We are already seeing signs of what lies ahead if we don’t: more droughts, more floods, rising sea levels, rising temperatures, weather volatility, market unpredictability,” the president said. .
Biden announced he would ask Congress to provide $500 million to contribute to the Amazon Fund and other climate-related activities over the next five years to support Brazil’s renewed efforts to end deforestation in 2030.
The Development Finance Corporation is working with others to allocate an additional $1 billion to save the Amazon and other critical ecosystems in Latin America.
Biden called on countries to join the U.S. effort through the Forest and Climate Leadership Partnership to mobilize more investment to end global deforestation by 2030.
In conclusion, the President called on developed countries to increase funding for climate action.
“You know this as well as I – the impacts of climate change will be felt most by those who have contributed least to this problem, including developing countries,” Biden said. – As a country with big economies and big emissions (hydrocarbons), we must act and support these countries. Therefore, today I am pleased to announce that the United States will provide $1 billion to the Green Climate Fund, which is essential to help developing countries.
Read the Ukraine War News Latest Today on The Eastern Herald.
