President Joe Biden has promised that the United States will cut its greenhouse gas emission by half by the end of this decade.
Biden announced the new national target at the virtual Leaders Summit on Climate Change Thursday. This is consistent with the President’s goal of achieving net-zero greenhouse gas emissions by no later than 2050 and of limiting global warming to 1.5 degrees Celsius.
Leaders from 40 countries attended the two-day virtual summit that kicked off on The Earth Day.
Biden pledged that the United States will double its annual public climate financing to developing countries by 2024. He also promised to triple its public financing for climate application in developing countries by 2024.
He told the summit that the U.S. Development Finance Corporation is committing to net-zero emissions through its investment portfolio by 2040 and increase climate-focused investments to 33 percent of all new investments beginning in 2023.
In addition, the Biden administration issued the United States’ first-ever International Climate Finance Plan. “This plan represents our vision for financing the global climate response in a coordinated way. It lays out specific steps that federal agencies of the United States will take to increase both the quality and quantity of climate financing.”
On Day One of the summit, the United States officially rejoined the Paris International Climate Agreement, in line with Biden’s promise reversing his predecessor Donald Trump’s decision to withdraw the country from the deal.
As part of re-entering the Paris Agreement, he also launched a National Climate Task Force, to establish this new 2030 emissions target – known as the “nationally determined contribution” or “NDC,” a formal submission to the United Nations Framework Convention on Climate Change (UNFCCC).
A White House fact sheet claimed that meeting the 2030 emissions target will create “millions of good-paying, middle class, union jobs.”
The leaders of the participating nations, which together account for about 55 percent of the global GDP, committed to levels of CO2 reductions to keep the Earth’s temperature at 1.5 degrees.
Except India and China, leaders of countries of the 20 biggest emitters, who are responsible for 81 percent of all the emissions pledged to take additional measures to mitigate the worst consequences of a climate crisis.
Japan said it would cut emissions by 46 to 50 percent by 2030 — up from its existing 26 percent reduction. Canada raised its emission cut target from the current 30 percent to 40-45 percent. South Korea intends terminate overseas coal finance and will prepare to update its NDC consistent with the 2050 net-zero goal. India, in partnership with the United States, will deploy 450 gigawatts of renewable power. Argentina announced a package of important measures.
The UK, last week, had announced 78 percent target by 2035. EU announced a new law to embed the 55 percent reduction for 2030.
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