At a virtual climate summit on April 22, US President Joe Biden pledged to take steps that will lead his country on a path to a net-zero emission economy by no later than 2050.
“By maintaining those investments and putting these people to work, the United States sets out on the road to cut greenhouse gases in half — in half by the end of this decade. That’s where we’re headed as a nation, and that’s what we can do if we take action to build an economy that’s not only more prosperous, but healthier, fairer, and cleaner for the entire planet,” Biden said. “These steps will set America on a path of net-zero emissions economy by no later than 2050. But the truth is, America represents less than 15 percent of the world’s emissions. No nation can solve this crisis on our own, as I know you all fully understand. All of us, all of us — and particularly those of us who represent the world’s largest economies — we have to step up.”
Biden noted that this summit is the first step on the road to and through Glasgow this November and the UN Climate Conference. “We have to move. We have to move quickly to meet these challenges. The steps our countries take between now and Glasgow will set the world up for success to protect livelihoods around the world and keep global warming at a maximum of 1.5 degrees Celsius. We must get on the path now in order to do that,” he said.
Turning to the United States’ first-ever International Climate Finance Plan issued, Biden explained that it lays out specific steps that federal agencies will take to increase both the quality and quantity of climate financing. “And it will help us spur the private sector to contribute more to climate solutions in developing nations and here at home as well,” he said.
The Climate Finance Plan calls for scaling-up international climate finance and enhancing its impact, mobilizing private finance internationally, ending international official financing for carbon-intensive fossil fuel-based energy, making capital flows consistent with low-emissions, climate-resilient pathways, and defining, measuring, and reporting US international climate finance.
Biden’s announcement came a day after the European Union reached a tentative deal that should make the 27-member bloc climate neutral by mid-century.
