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COP27: Biden announces $100 million investment for climate adaptation

COP27: Biden announces $100 million investment for climate adaptation

After several years in which the United States has been missing from the climate fight, President Joe Biden has argued that his country is once again leading global action to reduce emissions. In a speech this Friday at the Egyptian climate summit, Biden has been convinced that Washington “will meet the emission reduction goals for 2030”.

It will do so, he has assured, thanks to a “brave” climate agenda at the national level, with his law to reduce inflation, which includes billions of dollars in incentives for the green transition, and to promote “revolutionary changes” to reduce emissions globally.

The US president has announced a plan to cut methane emissions from the energy sector in his country by up to 87% by 2030 compared to 2005 levels. He has also promised to double investment in the Climate Change Adaptation Fund, up to reach $100 million.

Biden was not present in the first days of the summit, when the heads of state and governments of more than 100 countries met in Sharm el Sheikh, because the dates coincided with the mid-term elections, which provoked complaints from activists and representatives of the countries most vulnerable to climate change.

Now, during an express visit to Egypt on the way to the G7 summit in Bali, he has insisted on vindicating the role of the United States in the fight against climate change and has apologized for the country leaving the Paris Agreement during the presidency of his predecessor Donald Trump.

The climate crisis threatens “the very life of the planet”
“The climate crisis has to do with human security, economic security, national security and life on the planet,” warned the US president, who has called on all countries to “redouble” their commitments to the reduction of emissions and not exceed the objective of an increase of 1.5 ºC with respect to pre-industrial levels agreed in Paris.

“To bend the emissions curve, all countries have to act. At this meeting, we must redouble our climate ambitions. The United States is acting, everyone has to act. It is a duty and responsibility of global leadership,” he stressed.

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It has called on the rest of the countries not only to act at home but to promote the green transition in other less developed countries. “If coal can be financed in developing countries, there is no reason not to finance green energy,” he pointed out, and in this sense, he has announced an agreement with the European Union and Germany to invest in the transition to renewable energy in Egypt. The host country of this summit will deploy 10 GW of renewables and dismantle 5 GW of inefficient natural gas infrastructure in 10 years.

In this context, “Russia’s war against Ukraine has only reinforced the urgency for the world to stop depending on fossil fuels”, he defended, in a speech interrupted on several occasions by applause, and at one point, by a group that has protested and has been immediately expelled from the room.

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