WASHINGTON, April 22 (KUNA) -- US President Biden's Executive Order on Tackling the Climate Crisis at Home and Abroad (E.O. 14008, signed January 27, 2021) called for the preparation of a Climate Finance Plan (herein "Plan").
This Plan, the first of its kind in the US government, focuses on international climate finance.
For the purposes of the plan, "climate finance" refers in part to the provision or mobilization of financial resources to assist developing countries to reduce and/or avoid greenhouse gas emissions and build resilience and adapt to the impacts of climate change.
First, Scaling-Up International Climate Finance and Enhancing its Impact ,the United States intends to double, by 2024, our annual public climate finance to developing countries relative to the average level during the second half of the Obama-Biden Administration (FY 2013-2016).
As part of this goal, the United States intends to triple our adaptation finance by 2024.
The Biden Administration will work closely with Congress to meet these goals.
Second, mobilizing Private Finance Internationally.
Third, ending International Official Financing for Carbon-Intensive Fossil Fuel Based Energy, scaling back public investments in carbon-intensive fossil fuel-based energy is the necessary corollary to increasing investments in climate-friendly activities.
Fourth, making Capital Flows Consistent with Low-Emissions, Climate-Resilient Pathways.
Fifth, defining, Measuring, and Reporting US International Climate Finance.
The National Security Council staff will conduct a review of this Plan in FY 2023 to take stock of progress and assess whether changes are needed to increase ambition and impact.
White House Press Secretary Jen Psaki said "there is no question that China has an important role to play in working with the global community to help reduce greenhouse gas emissions, address our climate crisis."
That was the case when the Paris Climate Agreement was signed five years ago and continues to be the case today. (Pickup previous)