Biden pledges to boost global climate funding

Biden pledges to boost global climate funding

Coins spill from a jar.

Unsplash / Michael Longmire

President Biden promised to redouble American financial assistance to developing nations to combat and adapt to the climate crisis in his address to the UN General Assembly, Tuesday. “In April, I announced the United States will double our public international financing to help developing nations tackle the climate crisis, and today, I’m proud to announce that we’ll work with the Congress to double that number again, including for adaptation efforts,” Biden said.

The persistent failure of wealthy nations to meet their own promises to help the developing world is a major obstacle to meaningful progress at the upcoming COP26 UN climate conference. Biden’s pledge of $11.4 billion annually, while much more than the current $2 billion the U.S. is contributing, is still far less than the $43.4 billion the world’s largest historical polluter would need to contribute to pay its “fair share,” according to the independent Overseas Development Institute.

Biden also called for what he described as “relentless diplomacy” to address global crises and rejected the idea of a new Cold War with China.

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