In a groundbreaking series of announcements at the 28th U.N. Climate Change Conference (COP28) in Dubai, the Biden-Harris Administration has underscored its commitment to climate action, positioning the United States as a global leader in addressing the paramount threat of climate change.
President Biden and Vice President Harris are set to present the nation’s unprecedented momentum in climate action, backed by a $3 billion pledge to the Green Climate Fund, signaling a significant push for urgent international climate initiatives.
Ambitious Domestic Climate Action:
The administration showcased the success of its domestic climate agenda, including the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law (BIL).
The U.S. is on track to achieve substantial emissions reduction by 2030, with over $350 billion in private investment and the creation of 210,000 clean energy jobs in the past 15 months. COP28 attendees will hear about the nation’s commitment to clean and inclusive economic growth.
Global Climate Resilience:
The U.S. is increasing support for vulnerable developing countries, allocating $2.3 billion in FY 2022 for the President’s Emergency Plan for Adaptation and Resilience (PREPARE).
Measures include enhancing climate information services, providing $50 million for climate-resilient food systems, and securing over $2 billion from 15 companies in response to the PREPARE Call to Action.
Responding to Climate Impacts:
The administration aims to allocate $17.5 million for a new climate impact response fund, $4.5 million for community-based measures through the Pacific Resilience Facility, and $2.5 million to the Santiago Network for technical assistance in vulnerable countries.
Global Climate Action Acceleration:
Initiatives include launching the Clean Energy Supply Chain Collaborative, offering up to $568 million in catalytic financing, unveiling over $1 billion in new grant funding through the Methane Finance Sprint, mobilizing $9 billion through the Agriculture Innovation Mission (AIM) for Climate, and leading coalitions to triple global renewable and nuclear energy capacity. Country-specific climate packages for Ghana and the Democratic Republic of Congo are also introduced.
Mobilizing Finance:
The U.S. commits to scaling up international public climate finance to over $9.5 billion in FY 2023, on track to meet President Biden’s pledge of over $11 billion annually by 2024.
Additionally, a $3 billion pledge to the Green Climate Fund is announced, and efforts to enhance multilateral development banks (MDBs) are emphasized, aiming for more effective climate finance mobilization.
Advancing Women and Girls’ Leadership:
The administration is investing $1.4 billion through the Women in the Sustainable Economy (WISE) Initiative, including $449 million in additional aligned U.S. commitments. Programs like Global Girls Creating Change (G2C2) aim to introduce girls to professional opportunities in the sustainable economy, with new commitments from organizations like the Rockefeller Foundation, The UPS Foundation, and the African Development Bank.
At COP28, the Biden-Harris Administration is driving a multifaceted agenda to address climate change, focusing on mobilizing private capital, enhancing global climate resilience, aiding vulnerable countries, and accelerating global climate action to achieve the 1.5°C goal.
Key announcements include initiatives to mobilize private capital and innovation in adaptation and resilience, aid vulnerable countries’ response to climate impacts, and accelerate global climate action by scaling renewables, reducing methane emissions, and promoting long-term, climate-resilient food security.
