President Biden’s proposed budget would give a big boost to the global climate fight by injecting more than $11 billion into efforts to help other countries address global warming.
The money would go toward a range of programs, budget documents show—from one initiative designed to help developing nations transition away from coal, to another that provides grants to help countries handle climate change and biodiversity loss.
The request would help Biden to make good on a pledge to quadruple investment in climate action outside the United States more than a year earlier than promised, according to the White House. Jake Schmidt, director of the international climate program at the Natural Resources Defense Council, said the amount requested for global climate finance was a sign the Biden administration is going to try and get every dollar it can this year to mobilize toward climate.
Another $550 million would go to support a $3.2 billion loan to help developing countries transition away from coal through the Clean Technology Fund.
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