As President Joe Biden’s first term approaches its conclusion, his administration faces the imperative of advancing three key international climate policies to foster a 21st-century clean energy economy and mitigate severe climate change impacts. The Center for American Progress (CAP) has released two reports detailing these priorities.
The first priority involves the United States committing to a significant new climate finance goal at COP29 this year and formulating a five-year cross-agency plan to fulfill international climate finance commitments. Additionally, leveraging upcoming congressional reauthorizations of the U.S. International Development Finance Corporation and the Export-Import Bank is essential to cease financing fossil fuel projects abroad and boost funding for clean energy initiatives.
The second priority focuses on restructuring the global trade system to meet climate objectives. This includes promoting extensive cooperation around green trade that enhances the position of U.S. workers and businesses, encourages industrial decarbonization, and strengthens crucial geopolitical alliances.
The third priority requires setting an ambitious course for domestic emissions reductions in the United States. By the end of 2024, it is recommended that the Biden administration announce a credible, enhanced nationally determined contribution for 2035. Such a move would underscore the effectiveness of U.S. domestic climate actions, signal serious commitment to net-zero emissions by 2050 to global markets and governments, and use climate diplomacy to prompt greater ambition from other major emitters.
The reports providing further details are titled “3 International Climate Priorities for 2024” by Anne Christianson, Trevor Sutton, and Frances Colón, and “The Road to Baku, Belém, and Beyond: A 5-Year Outlook for U.S. International Climate Finance” by Courtney Federico.
For more information or expert commentary, contact Sam Hananel at [email protected].
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