Biden Announces Funding to Combat Climate Change

U.S. President Joe Biden announced plans to increase American funding to help developing countries combat climate change and reduce deforestation in the Amazon rainforest in Brazil, during a meeting today with leaders of the world's largest economies. He announced a "U.S. contribution of $1 billion to the Green Climate Fund and plans to request $500 million over five years to contribute to the Amazon Fund, which works to combat deforestation in the Brazilian Amazon and related activities." Biden urged his counterparts to "remain ambitious in setting targets for emissions reduction and prevent global temperatures from exceeding 1.5 degrees Celsius above pre-industrial levels." He stated, "We are at a moment of great danger, but there are also significant and serious opportunities. With the right commitments and the implementation of each country's pledges, the goal of limiting the rise in global temperatures to no more than 1.5 degrees remains achievable." The countries participating in the forum account for about 80% of greenhouse gas emissions, according to the White House. In this context, a senior U.S. administration official confirmed that "Biden's team will need to work with Congress to secure this funding."

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