[ad_1]
President Joe Biden proposed significant funding for the United Nations Green Climate Fund in his latest budget proposal.
Timothy Kama’s report E&E News.
in short:
- Biden’s fiscal year 2025 budget proposes $500 million for the Green Climate Fund, aiming to fulfill his commitment to the United Nations to phase in up to $1 billion by 2028.
- The proposal includes mandating these funds to ensure they are protected from political fluctuations and underscores the administration’s commitment to international climate finance.
- The plan is part of the President’s Emergency Plan for Adaptation and Resilience, which aims to help more than 500 million people in developing countries adapt to the impacts of climate change.
Main quotation:
“This funding will strengthen energy security by diversifying energy sources, help countries reduce emissions, help the most vulnerable people adapt to climate change, and strengthen the resilience of economies and critical infrastructure. It will free up private capital to do that.”
— U.S. Department of State
Why this is important:
President Biden’s budget commitments highlight a significant U.S. re-engagement in global climate finance and signal a shift to more sustainable energy sources and climate resilience.
In 2021, Kartik Amaranth argued that we need to change the way we invest, lend and assess risk in favor of equities.
[ad_2]
Source link
