U.S. to double public climate finance to developing countries by 2024

The United States on Thursday said it will boost public climate finance to help poor countries reduce greenhouse gas emissions and adapt to a changing climate, doubling funding by 2024 from average levels hit during the Obama administration.

The White House said it was embracing “ambitious but attainable goals” for international aid to developing countries given the urgency of the climate crisis and to compensate for a sharp drop in U.S. funding during the Trump administration.

As part of the goal, the White House said that by 2024 it would triple financing of climate adaptation, which focuses on adjustments to current or expected climate change. It said it will work with Congress to enact needed legislation.

Leonardo Martinez-Diaz, a top aide to Biden’s climate envoy John Kerry, said total U.S. international public climate finance averaged around $2.8 billion a year during the baseline period from fiscal year 2013 to 2017, with around $500 million going toward adaptation. That was the most recent period where U.S. climate finance was at an all-time high, he said on Twitter.

In a fact sheet, the White House said U.S. agencies, working with development partners, would prioritize climate in their investments, expand technical assistance and increase funding for adaptation and resilience.

Source: Reuters