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Today at the COP27 in Egypt, President Biden will announce several climate initiatives.
1. Global Climate Resilience
Biden will double the pledge to the Adaptation Fund to $100 million and announce over $150 million in new support to accelerate the President’s Emergency Plan for Adaptation and Resilience (PREPARE) efforts across Africa.
2. Global Climate Action
The US will launch a new initiative to support Egypt in deploying 10 GW of new wind and solar energy. Biden will announce action to tackle methane emissions that would make the United States the first national government to require major suppliers to set Paris Agreement-aligned emissions reduction goals.
Sharp cuts in methane emissions are needed to slow down the rate of climate change.
“The United States is once again a global leader in confronting the climate crisis, and we must lead by
example when it comes to tackling methane pollution – one of the biggest drivers of climate change,” said EPA Administrator Michael Regan.
3. Climate Finance
The “Climate Finance +” initiative will support developing countries in issuing green bonds. Biden will announce the Sustainable Banking Alliance to deepen developing countries’ sustainable financial markets.
4. Exchanges for Youth Empowerment
Climate Gender Equity Fund and an Indigenous Peoples Finance Access Facility will be the two new exchanges aimed at empowering youth across the world.
At COP27 President Biden will be joined by Special Envoy for Climate John Kerry, White House National Economic Council Director Brian Deese, National Security Advisor Jake Sullivan, Secretary of State Antony Blinken, Secretary of Agriculture Tom Vilsack, White House National Climate Adviser Ali Zaidi, EPA Administrator Michel Regan, Speaker Nancy Pelosi, Senator Ben Cardin, and members of their Congressional delegations.
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