Context: The Major Economies Forum was first launched in 2009 and now includes more than two dozen countries that produce 80 percent of the world’s g
Context: The Major Economies Forum was first launched in 2009 and now includes more than two dozen countries that produce 80 percent of the world’s greenhouse gas emissions and GDP. It is the first such meeting since last November’s U.N. climate talks in Sharm el-Sheikh, Egypt, where nations agreed to a “loss and damage” fund to pay vulnerable nations for irreparable climate damage.
Poorer nations have ramped up pressure on rich ones to provide more finance for combating climate change. Biden has tried to answer that call with a pledge to deliver $11 billion in climate finance annually by 2024 — but it is unclear how the administration will get House Republicans to approve that spending.
Biden said that nations must work together to reshape multilateral development banks like the World Bank to fight climate change. The Bank concluded its spring meetings last week and laid out an “evolution roadmap” to engage on climate change.
Details: The Biden administration also announced other initiatives, including a new “Methane Finance Sprint” to raise at least $200 million from public and philanthropic sources by the start of the annual U.N. climate talks in November. Biden said the effort would help the U.S. and other countries reach goals to slash methane emissions 30 percent this decade.
Biden also said he would requested $500 million over five years from Congress for the Amazon Fund, an effort to end deforestation.
www.politico.com