The Biden administration plans to spend a total of more than $9 billion on international climate finance in 2023, a significant increase from the previous year.
The spending is part of Biden’s broader efforts to transition away from traditional energy sources, a move that has been heavily criticized by Republican lawmakers.
The administration has also pledged additional funds for climate and gender equity at the Climate Change Conference in Dubai, and announced partnerships to mobilize transition finance. (Trending: Joe Biden Admits He’s ‘Not Sure’ About Running If Trump Wasn’t)
However, these plans have faced criticism, particularly regarding the push for electric vehicles, as some argue that the public is not ready for such a dramatic change.
“Based on preliminary estimates, the ETA could mobilize from $72 billion to $207 billion in transition finance by 2035. 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 State Department said.
“Mr. President, no government agency, no think tank, and no polling firm knows more about the automobile customer than us,” a coalition of nearly 4,000 auto dealers wrote to Biden.
“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.”
All of this occurs against the backdrop of persistent inflation and high gas prices throughout Biden’s presidency.
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