Biden is expected to give an update on the $100 billion UN Climate Fund.
Following a closed-door discussion between countries on the fringes of the UN General Assembly, US President Joe Biden is set to offer “positive news” on fixing a $100 billion global climate fund shortfall, according to a UN official.
At the conference called by Britain and UN chief Antonio Guterres, Biden was represented by his climate envoy John Kerry, who will make his first statement to the international body as the American president on Tuesday.
Developed countries agreed to mobilize $100 billion per year from 2020 to support poorer countries with climate adaptation ahead of the Paris agreement, but there is now a $20 billion shortage.
“We did hear from the US person in the room that… some good news was on the way,” the UN official said, adding that the US representative had “really encouraging thoughts and signals.”
“Of course, we don’t have all the details, but maybe it will assist to clarify how the US intends to facilitate the mobilization of the $100 billion.”
Following a flood of recent scientific publications portraying a grim image of the planet’s future, the statement was a ray of optimism on the climate front, as the world’s top polluters continue to spew greenhouse gases at alarming rates.
The meeting’s co-host, British Prime Minister Boris Johnson, chastised countries for failing to reach their obligations for the fund, which is expected to deliver $100 billion year between 2020 and 2025.
Johnson, whose nation will host the crucial COP26 climate summit in Glasgow in November, said, “Everyone nods and we all agree that “something must be done.”
In remarks released by his office, he said, “Yet I confess I’m growing annoyed that the something to which many of you have committed is nowhere near enough.”
The OECD confirmed last week that only $79.6 billion was raised in 2019.
“We heard from a few industrialized nations… After the meeting, Johnson informed reporters that Sweden and Denmark were showing signs of improvement.
Both countries have stated that they will devote at least half of their climate finance to developing-world adaptation, which is another crucial UN target.
“Let’s see what the president of the United States has to say tomorrow,” he added, implying that further information will be forthcoming.
Britain, for its part, touted its $15 billion commitment to climate funding over the next five years, with $750 million set aside for developing countries on Monday. Brief News from Washington Newsday.