Biden Admin to Spend $3 Billion to Address International Climate Change

Vice President Kamala Harris announced at the United Nations’ annual climate summit that the U.S. will spend $3 billion to address climate change overseas.

“The U.S. is committed to expanding international climate finance,” she said. “I am proud to announce a new $3 billion pledge to the Green Climate Fund to help developing countries access capital to invest in resilience, clean energy, and nature-based solutions.”

“Continued progress will not be possible without a fight,” Harris added. “Around the world, there are those who seek to slow or stop our progress: leaders who deny climate science, delay climate action, and spread misinformation; corporations that greenwash their climate inaction and lobby for billions of dollars in fossil fuel subsidies.”

“We must have the ambition to meet this moment, to accelerate our ongoing work, increase our investments, and lead with courage and conviction.”

The White House released a fact sheet detailing the $3 billion Green Climate Fund.

One of the initiatives announced at COP28 was “Responding to the Impacts of Climate Change in the Most Climate-Vulnerable Countries and Communities.”

This includes putting “$17.5 million toward a new fund for climate impact response; $4.5 million to support community-based measures through the Pacific Resilience Facility; and providing $2.5 million to the Santiago Network to catalyze technical assistance for vulnerable countries,” according to the fact sheet.

The Clean Energy Supply Chain Collaborative will provide “up to $568 million in catalytic financing available to support these and related efforts; working with partners to unveil over $1 billion in new grant funding through the Methane Finance Sprint” and “mobilizing $9 billion through the Agriculture Innovation Mission (AIM) for Climate.”

Another climate investment is the “Women in the Sustainable Economy (WISE) Initiative, which provides “over $1.4 billion in investments from the U.S. government and partners” to advance “women’s and girls’ leadership in tackling the climate crisis.”