Biden to Provide $5.7 Billion Annually to Developing Countries for Climate Change Response

President Joe Biden of the United States [Photo by EPA Yonhap News]

[Asia Economy Reporter Byunghee Park] U.S. President Joe Biden has pledged to spend $5.7 billion annually to help developing countries respond to climate change, Bloomberg reported on the 22nd (local time).

This amount is nearly double the support promised by former President Barack Obama. In 2015, former President Obama officially pledged $3 billion to the Green Climate Fund (GCF). The GCF is a special climate fund under the UN, established by developed countries to support developing countries in reducing greenhouse gas emissions and responding to climate change.

However, despite President Biden doubling the support amount, Bloomberg reported that environmentalists criticize the amount as insufficient. Bloomberg explained that among environmentalists, opinions on the support amount ranged widely from $8 billion to $800 billion.

Developed countries promised in 2009 to mobilize $100 billion annually to help developing countries respond to climate change and reduce greenhouse gas emissions. To concretely implement this, the GCF was established in 2010. However, the promised support has not been fulfilled to date. In the case of the U.S., only $1 billion of the $3 billion pledged by President Obama was provided before former President Donald Trump took office and halted support.

Leaders of developing countries expressed the need for more support for climate change response in developing countries. Given that developed countries, including the U.S., bear significant responsibility for the current severe greenhouse gas environmental issues, they urged developed countries to show a responsible attitude.

Indonesian President Joko Widodo stated that developing countries could consider raising greenhouse gas reduction targets, but only if financial support is provided. Bangladeshi Prime Minister Sheikh Hasina urged developed countries to fulfill their $100 billion support promise. Brazilian President Jair Bolsonaro appealed for assistance in securing funds to protect the environmental benefits provided by the Amazon rainforest.