U.S. to double public climate finance to developing countries by 2024 | WHAT REALLY HAPPENED

U.S. to double public climate finance to developing countries by 2024

The United States said on Thursday it would boost public climate finance to help poor countries reduce greenhouse gas emissions and adapt to a changing climate, doubling funding by 2024 from high average levels hit during the Obama administration.

The White House said it was embracing “ambitious but attainable goals” for international aid to developing countries, given the urgency of the climate crisis and to compensate for a sharp drop in U.S. funding during the Trump administration.

The White House said that by 2024 it would triple financing of climate adaptation, which focuses on adjustments to current or expected climate change. It said it would work with Congress to enact needed legislation.

The Biden administration released its climate finance plan in tandem with a new goal to cut emissions by 50%-52% from 2005 levels.

Leonardo Martinez-Diaz, a top aide to Biden’s climate envoy John Kerry, said total U.S. international public climate finance averaged around $2.8 billion a year during the baseline period from fiscal 2013-2017, with around $500 million going toward adaptation. That was the most recent period when U.S. climate finance was at an all-time high, he said on Twitter.

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