The US has adopted a plan to provide financial assistance to other countries in the field of climate

Also, US President Joe Biden called on the private sector to do more to combat climate change.

The United States has adopted a plan to provide financial assistance to other countries to fight against climate change on the planet. This was announced on Thursday by US President Joe Biden, speaking at a multi-party online summit organized by Washington on the fight against global warming.

“Also, today we are adopting America’s first plan for international climate finance,” the head of the White House said.

“This plan reflects our vision of financing the global response to climate change in a coordinated manner. It includes specific steps that US federal agencies will take to improve the quality and volume of climate change funding. And it will help us encourage the private sector to invest more in climate solutions, both in developing countries and here at home,” Biden said.

According to the President, the current situation requires urgent decisions. “Good ideas and intentions are not enough. We need to provide funding to respond to the situation; this will allow us to use the opportunity to create new jobs, a strong economy, and a safer world,” he said. “I am confident that we can do this together.”

As noted in the White House, the program, in particular, is aimed at helping developing countries to reduce or prevent greenhouse emissions, to adapt to the effects of climate change. By 2024, the United States intends to double the annual funding for these countries compared to the second term of President Barack Obama (2012-2016).

Financial assistance

The United States intends to double the amount of financial assistance to developing countries by 2024 as part of the measures taken to combat climate change, the head of the White House said.

“By 2024, the United States will double the amount of annual funding devoted to the development of climate change activities among developing countries, compared to what we provided in the second half of the Obama – Biden administration (we are talking about the second term of US President Barack Obama), ” the head of state noted.

At the same time, he continued, the United States intends to triple the number of funds allocated to use available climate data in developing countries by 2024, “taking into account the dividends that reduce the costs associated with natural disasters and conflicts.” He pointed to the joint goal of large states to “raise $100 billion a year for developing countries.” “This is an investment that will bring significant dividends for all of us,” the American leader added.

Private sector

The US President noted that the private sector should do more to combat climate change with the leadership of the authorities.

“The joint fight against climate change is more than right; it is also in the interests of all. Confronting this challenge requires the mobilization of funding on an unprecedented scale. The private sector already recognizes this,” Biden said after the first meeting of the summit.

According to the American leader, business representatives understand that “climate change is more than a threat.” “It also represents the largest opportunity in history in terms of creating new jobs. Hundreds of billions of dollars have already been invested around the world. < … > The private sector can and should do more. However, the private sector cannot cope with this problem alone. The authorities [of the countries] should step up [their efforts] and play a leading role,” Biden continued. The United States is holding an international summit on combating climate change on April 22-23, with 40 world leaders invited to attend. Russian President Vladimir Putin attended it.

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Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
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Steve Cowan

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