Biden calls for additional boost for climate financing for developing countries

During his first speech before the United Nations General Assembly, President Biden called for an additional boost for climate financing for developing countries. 

The administration said in April that it would double its climate financing for developing countries, which reportedly brought its annual commitment to $5.7 billion. On Tuesday, Biden said he’ll seek to double that again, reaching about $11.4 billion per year. 

“We also have to support the countries and people that will be hit the hardest and that have the fewest resources to help them adapt,” the president said. 

“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,” he added. 

In the April announcement, the administration said that it hoped to double financing for climate-related programs in developing countries by 2024 compared to the average level during fiscal years 2013 through 2016. 

In his new speech, Biden didn’t specify what the timeline would be for the additional boost to climate financing. 

His comments come after an analysis last week found that in 2019, developed nations mobilized nearly $80 billion for climate financing in developing countries — short of a U.N. goal of $100 billion per year.

But Biden said in his speech that this goal would be reached with the latest U.S. commitment in addition to private investment. 

“With our added support, together with increased private capital, together with other donors, we’ll be able to meet the goal of mobilizing $100 billion to support climate action in developing nations,” he said.