President Joe Biden’s proposed budget would give $1.6 billion to the U.N.’s Green Climate Fund (GCF) to boost clean energy initiatives and combat global climate change.
The President’s Emergency Plan for Adaptation and Resilience would “quadruple” the United States’ financing of foreign climate initiatives by requesting more than $3 billion in funds, according to the proposed budget announced Thursday. Along with the contribution to the GCF, $1.2 billion will be loaned to the Clean Technology Fund (CTF).
“The Budget also advances new tools, such as loan guarantees, to reassert U.S. leadership in the Indo-Pacific by financing energy security and infrastructure projects and reducing reliance on volatile energy supplies and prices. The Budget also builds resilience to better prepare for and respond to extreme weather events and other disasters,” the budget reads.
Under President Biden’s leadership, we’ve made historic progress in growing the economy from the bottom up and the middle out – not the top down.
Today, he is releasing a budget to build on that progress.
— The White House (@WhiteHouse) March 9, 2023
The GCF is a massive international climate fund that assists developing countries in achieving reduced emissions, additionally calling upon them to help fund these initiatives to curb the threat of climate change. The CTF finances clean energy technology in developing countries aimed at reducing greenhouse gas emissions over time by modernizing their energy systems.
Biden’s budget also called for an end to all government subsidies for oil and gas companies to save $31 billion every year and pave the way for cleaner energy sources.
“Oil companies had record profits in 2022 and undertook record stock buybacks that benefited executives and wealthy shareholders, all while continuing to benefit from tax subsidies worth billions of dollars,” the White House fact sheet reads.
Biden’s budget would finance $52.2 billion into combating global climate change, a $10.9 billion hike from 2023, according to the fact sheet.
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