Joe Biden urged leaders of major emitting economies to step up efforts to roll out zero-emission vehicles, cut methane emissions and deploy carbon capture technologies
The US will provide $1 billion to the UN’s flagship climate fund – its first such contribution in six years.
Joe Biden made the commitment as he hosted a virtual meeting of world leaders on Thursday to spur high-level leadership to limit global warming to 1.5C.
This is the first time since 2017 the US has pledged cash to the Green Climate Fund (GCF), which supports developing countries to cut emissions and adapt to climate impacts.
The move was part of a broad call to action to the Major Economies Forum on energy and climate, a group of more than 20 high-emitting developed and developing countries which account for around 80% of global greenhouse gases.
US brings cash
Biden promised to ask Congress to approve an additional $500m over five years for the Amazon Fund to end deforestation by 2030.
He pledged to raise $200m from public, private and philanthropy sources for cutting methane emissions in developing countries and urged nations to scale up carbon capture and removal technologies.
The US president called on leaders to join a collective pledge for half of all car sales and at least 30% of medium and heavy-duty vehicles to be zero emissions by 2030.
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“It’s a really big deal,” Joe Thwaites, a climate finance campaigner at the Natural Resources Defense Council, told Climate Home News of Biden’s pledge to the GCF.
“Over the last few years, the fund has been right up against the limits of its resources. It has been approving money to projects as soon as it is receiving it from donors and has had to hold back projects because of a lack of money,” Thwaites explained.
“This $1bn is significant because it will allow the GCF to unlock more money for communities in need,” he added.
The move, he said, will boost US credibility at the fund, after its ability to provide climate finance had been put into doubt.
As I address the Major Economies Forum on our climate challenges, let me make a few things clear:
We are committed to following the science.
We are determined to strengthen our actions.
We will do what it takes to limit global warming to 1.5 degrees Celsius.— President Biden (@POTUS) April 20, 2023
Climate finance laggard
However, as the GCF is calling on countries for a third round of funding pledges to replenish the fund, the US is yet to deliver on its first commitment.
The $1bn announcement only accounts for half of the $2bn the US owes the fund after Donald Trump reneged on a $3bn pledge made under Barack Obama almost a decade ago. Since then, European and other donors have doubled their pledges to the fund.
“The question is: can the US clear another billion dollars and finally deliver on the pledge?” Thwaites said. Other donor countries will closely watch what the US will bring to a GCF pledging conference in October, he added.
Keeping 1.5C within reach
The leaders’ meeting was framed by the findings of a report by the International Energy Agency which outlined steps to take to keep the 1.5C goal within reach.
It highlights four key pillars: decarbonising the energy sector, ending deforestation, tackling non-CO2 emissions such as methane, and accelerating the deployment of carbon capture and storage and removal technologies.
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Alden Meyer, senior associate at think tank E3G, told Climate Home that the US was seeking to create more coalitions of the willing to advance action in key sectors – a model which has proved successful in galvanising support to cut methane emissions under the Methane Pledge.
“There are some good pieces,” said Meyer, “but it’s not comprehensive,” citing the lack of initiatives to decarbonise the energy sector.
That’s a gap the EU intends to fill. EU Commission president Ursula von der Leyen proposed to launch an initiative for setting global targets for energy efficiency and renewable energy by Cop28. “These targets would complement other goals,” she said.
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