President Joe Biden will unveil plans to expand U.S. financing to help developing countries battle climate change and deforest Brazil’s Amazon rainforest at a Thursday conference with leaders from the world’s largest economies.
Biden will host a virtual Major Economies Forum on Energy and Climate conference to rally support for global warming policies—the fourth group meeting under his presidency.
According to the White House, the forum’s countries account for 80% of global greenhouse gas emissions and GDP.
The White House said the president would double the U.S. commitment to the Green Climate Fund, which funds sustainable energy and climate change resilience projects in developing nations, to $1 billion.
He will also propose $500 million over five years for the Amazon Fund, which fights deforestation in the Brazilian Amazon, and associated operations. A senior administration official said Biden’s team would need Congress to secure the financing.
Biden, who has made climate change a primary policy priority, has set a goal of decreasing U.S. emissions by 50%-52% by 2030 compared to 2005 levels and said wealthy countries must help developing ones.
Biden’s Environmental Protection Agency recommended significant emission limitations for new automobiles and trucks through 2032 to support electric vehicles this month. In addition, the White House said Biden would urge group leaders to collaborate on promoting zero-emission vehicles and reducing shipping and power industry emissions.
The Major Economies Forum includes Argentina, Australia, Canada, Chile, China, Egypt, the European Commission, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Nigeria, Norway, Saudi Arabia, Turkey, UAE, U.K., and Vietnam.
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