The Biden Administration announced plans to spend over $9 billion on international climate finance in 2023, a significant increase from the previous year.
This is part of President Biden’s efforts to transition away from traditional energy sources, despite concerns about cost and efficiency.
The U.S. aims to support developing countries in pursuing climate action and has pledged additional funds for climate and “gender equity” initiatives. (Trending: Bombshell Email Uncovered Between Joe Biden And Hunter)
The State Department wrote that the U.S. “will continue to support developing country partners as they pursue ambitious climate action.”
“The United States has prioritized boosting international climate finance, as well as demanding that international financial institutions evolve to better enable emerging market and developing countries to respond to global challenges, including climate change,” continued the agency.
“Based on preliminary estimates, the ETA could mobilize from $72 billion to $207 billion in transition finance by 2035,” explained the State Dept.
Adding, “The ETA is pioneering a sectoral-scale crediting approach that will incentivize participating countries to intensify their near-term activities contributing to power sector decarbonization, including to deploy and utilize clean power and retire fossil fuel assets, to enhance storage capacity, transmission, and distribution, and for any needed policy shifts.”
The administration also plans to partner with private organizations to mobilize transition finance and push for a shift toward electric vehicles.
These initiatives have faced criticism amid concerns about public readiness and persistent inflation.
“Mr. President, no government agency, no think tank, and no polling firm knows more about the automobile customer than us,” wrote a group of 3,700 auto dealers.
“Some customers are in the market for electric vehicles, and we are thrilled to sell them. But the majority of customers are simply not ready to make the change,” they continued.
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