According to Bloomberg News, President Joe Biden wishes for $3 billion per year of US climate finance to incur on helping the nations that are vulnerable to enable them to adapt to the droughts, rising sea levels, and other fallouts because of global warming.
This is Biden’s pledge, which he will be presenting in front of the other heads of states at the COP26 climate summit in Glasgow, Scotland, Monday. This is another instance when the United States is committing to countering and fighting off the consequences of climate changes reports Bloomberg News.
This is just one of the several steps Biden has taken as he plans to restore the credibility of the United States on climate, which was damaged by former President Donald Trump’s action, wherein he withdrew from the Paris Agreement.
This planned funding for adaptation was described in a White House fact sheet but would need congressional approval. This funding is part of the President’s promise to provide $11.4 billion for climate finance every year by 2024. Yet, this is the first time that Joe Biden is applying a price tag on the efforts of adaptation, which is crucial and critical for the island nations and the other countries that are vulnerable.
Biden is also expected to lay out a long-term strategy for the United States so that it can meet the pledge that is to make the greenhouse gas releases to half by the decade’s end attain net-zero emissions by the middle of the century.
Although there are many other paths to attain the goal, as per White House, they are all on the same foundation of bringing electric cars on roads and shifting to zero-emission fuel for power supply.
According to Bloomberg News, the White House states in the blueprint released Monday that paring methane and greenhouse gases, improving efficiency, and reducing the carbon dioxide from the atmosphere are critical as well.
Many of the goals can be achieved through federal regulations, policies of the state, and separate measures by the private sector. President Joe Biden is still working so that he can get the congressional approval of investing hundreds of billions of dollars in electric vehicles, clean energy, and green infrastructure, which are key to unlocking the big carbon cuts as well.
