During a virtual meeting of the Major Economies Forum on Energy and Climate on Thursday, President Joe Biden will reveal his plans to boost U.S. funding aimed at assisting developing nations in their fight against climate change and reducing deforestation in the Amazon rainforest in Brazil.
This marks the fourth time the President has convened the forum under his administration, which includes nations responsible for roughly 80% of global greenhouse gas emissions and global GDP, according to the White House.
To support global efforts to combat climate change, the President will announce the U.S.’s intention to provide $1 billion to the Green Climate Fund, doubling the current U.S. contribution.
Additionally, he will request $500 million over the next five years to help the Amazon Fund and its related activities address deforestation in the Brazilian Amazon. However, securing this funding will require collaboration with Congress, according to a senior administration official.
Biden, who has made fighting climate change one of his top policy priorities, has set a goal of reducing U.S. emissions by 50%-52% by 2030 compared with 2005 levels and has said developed countries need to help developing nations tackle the problem.
This month, Biden’s Environmental Protection Agency proposed sweeping emission cuts for new cars and trucks through 2032 in an effort to boost electric vehicles. Biden will encourage leaders from the group to join a collective effort to spur zero-emission vehicles, the White House said, and to reduce emissions from the shipping and power industries.
Countries and entities that make up the Major Economies Forum include Argentina, Australia, Canada, Chile, China, Egypt, the European Commission, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Nigeria, Norway, Saudi Arabia, Turkey, United Arab Emirates, the United Kingdom, and Vietnam.