International Climate Finance Plan of the US
The US President recently announced the country’s new Finance Plan at the Leader’s Summit on Climate. The Summit was hosted by the USA.
About the Plan
- The US has set a new goal to cut its emissions by 50% to 52% as compared to 2005 levels.
- The US will double its climate funding by 2024. It is to triple its climate funding eventually.
- The United States Agency for International Development (USAID) is to release a new Climate Change Strategy in November 2021 at the COP26.
- The United States International Development Finance Corporation is to change its development strategy to include climate in its plan. It will prioritize climate mitigation and adaption. This is the first time the US is including climate in its development strategy.
- The Millennium Change corporation will focus on climate smart development and sustainable infrastructure. It aims to direct more than 50% of its funding towards climate-related investments.
- The US Treasury will direct the executive directors in multilateral development banks such as World Bank to ensure that they set ambitious climate finance targets.
- The plan will also focus on ending international investments in carbon-intensive fossil fuel-based energy products.
The United States is the world’s second leading emitter after China. The country will have to contribute 800 billion USD as its share in the international climate finance.
Millennium Change corporation
It is a bilateral foreign US aid agency that was established in 2004. It provides financial aid to the countries with good economic growth through good policies.
US International Development Finance Corporation
The US International Development Finance Corporation is responsible for providing finances to private development projects in low-income and middle-income countries. It was formed in 2019.
What is Ocean Rewilding?
Ocean Rewilding is expected to come up in COP26. A network of 68 European organisations are working ...
Report: 99 of 100 cities with environmental risk are in Asia
A private firm Verisk Maplecroft has found that the Asian cities face the greatest risk from environ...
World Bank: Recent data on Global Remittance
The World Bank recently released its “Migration and Development Brief”. The report said that the...
Vineyard Wind Project
Vineyard Wind Project is the first major Offshore wind farm that is to power 400,000 homes. The proj...
IEA: Renewable Energy Market Update
The International Energy Agency recently released the “2021 Renewable Energy Market Update”. The...
Category: International Current Affairs
|View All E-Books: Recent Release|