WRI Finance Center associate @joethw8s on the new US international #climate finance plan: "The climate finance plan the Biden administration launched today starts to play catch up after the US was largely absent for the last four years...
In this time many other developed countries already doubled their climate finance, and some committed to doubling again before 2025. In this light, Biden’s commitment to doubling its public climate finance by 2024 compared to a 2013-2016 baseline is not particularly ambitious.
The commitment to increase adaptation finance also does not go far enough, amounting to little more than 1/4 of public climate finance in 2024. This is insufficient to address needs described by vulnerable countries today, & nowhere near balance w/ mitigation called for by Paris.
The US has made an important start, but must do much more if it wants to become a leader on climate finance.
Provision of finance to vulnerable countries is a central pillar of the #ParisAgreement, and such investments are key to building credibility and influence to unlock more ambitious climate action from other countries, delivering benefits at home and abroad." #LeadersClimateSummit
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