The U.N.’s flagship Green Climate Fund (GCF) will be $1 billion richer from Thursday after President Joe Biden gifts it a cash donation courtesy of U.S. taxpayers.
Biden will announce the billion dollar largesse, effectively doubling the overall U.S. contribution, to the organization which finances “low-carbon and climate-resilient projects in developing countries” while leading a push away from fossil fuels.
The announcement will be made during a virtual meeting of the Major Economies Forum on Energy and Climate (MEF).
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The president will also request $500 million over five years to support anti-deforestation efforts in Brazil – though Congress often does not allocate funds that the president asks for, according to a White House fact sheet.
The GCF was established as part of the 2009 U.N. agreement reached in Copenhagen and is supposed to distribute $100 billion per year to poor countries under the guise of funding various emissions reduction initiatives and compensation for climate-related damages, as Breitbart News reported.
Biden is also scheduled to renew his call for a global push toward electric vehicles (EVs).
The president will prioritise the collective goal of ensuring EVs make up 50 percent of sales of light duty vehicles and 30 percent of medium duty vehicles by 2030, Reuters reports.
The president has already set a domestic goal of making 50 percent of new car sales electric by 2030.
A recent proposed climate regulation from the Environmental Protection Agency (EPA) may be even more ambitious — the agency projects it could result in making 60 percent of new light-duty cars electric in model year 2030.