Biden To Convene Leaders Of Major Economies Forum On Energy And Climate

On Thursday, the White House will host the virtual leader-level meeting of the Major Economies Forum on Energy and Climate.

This is the fourth time since taking office that President Joe Biden is convening the meeting to galvanize efforts needed to tackle the climate crisis and keep a 1.5°C limit on warming within reach.

At today’s meeting, the President will highlight new steps the United States is taking to meet its ambitious 1.5°C-aligned goal of reducing emissions 50-52 percent in 2030. The President will also announce significant new steps the United States is taking to support developing countries in taking stronger climate action – including providing $1 billion to the Green Climate Fund and requesting $500 million for the Amazon Fund and related activities.

Biden will invite other countries to join the United States and others in fully leveraging the multilateral development banks to better address global challenges, like climate change, the White House said.

The President will be joined by other leaders in new efforts aimed at accelerating progress in four key areas necessary for keeping a 1.5°C limit on warming within reach, specifically, Decarbonizing energy, Ending deforestation of the Amazon and other critical forests, Tackling potent, non-CO2 climate pollutants and Advancing carbon management.

To help frame the MEF discussion, leaders will be briefed by Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA), on a new report to the MEF highlighting why action in these areas between now and 2030 is critical to preserve credible pathways to limit warming to 1.5 °C by 2100.

In addition to partnering on new joint efforts, leaders are expected to announce other new steps their countries are taking to fulfill their nationally determined contributions under the Paris Agreement. The President will encourage those countries whose 2030 Paris targets are not yet aligned with keeping 1.5 °C within reach to strengthen their targets by COP 28 this November in Dubai.

MEF economies account for around 80 percent of global GDP and global greenhouse gas (GHG) emissions. The most recent findings of the Intergovernmental Panel on Climate Change underscore more urgently than ever that the window for decisive action to avert the gravest consequences of climate change is quickly narrowing.

Today, the President will announce that he will request $500 million over five years for the Amazon Fund and related activities in the context of Brazil’s renewed commitment to end deforestation by 2030. The President also will call on other leaders to pledge support to the Amazon Fund.

The U.S. Development Finance Corporation is also announcing today that it is working on a $50 million debt investment in BTG Pactual’s Restoration Strategy, which would help mobilize $1 billion to support the restoration of nearly 300,000 hectares of degraded lands in Brazil, Uruguay, and Chile.

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