Joe Biden, President of the United States, convened a meeting of leaders of the Forum of Major Economies on Energy and Climate (MEF) in April, with the aim of tackling the climate crisis and meeting the goals established by the Paris Agreement. The Agreement seeks to limit global temperature rise to 1.5°C.
During the meeting, the president of the United States highlighted the new advances that the country is making to reach the ambitious goal of limiting the increase in global temperature to 1.5°C, while committing to reduce emissions by 50 -52% by 2030. In addition, he announced significant measures to support developing countries in taking more effective climate action. This includes a commitment to provide USD 1 billion for the Green Climate Fund, as well as the request for USD 500 million for the Amazon Fund and related activities.
The US development finance corporation is involved in a USD 50 million investment in BTG Pactual's Restoration Strategy. This initiative aims to mobilize US$1 billion to support the restoration of approximately 300,000 hectares of degraded land in Brazil, Uruguay and Chile. The investment aims to boost environmental recovery efforts in these regions, promoting sustainability and the preservation of biodiversity.
The president also invited more nations to join the United States and other countries in a joint effort to mobilize multilateral development banks to more effectively address global challenges such as climate change. This initiative demonstrates the intention to strengthen international cooperation and promote concrete actions to deal with the climate crisis.
The White House highlighted four main areas that need to be accelerated to reach the goals proposed by the Paris Agreement. Are they:
- Decarbonization measures must be taken to boost the energy transition, aiming to reduce emissions in the energy and transport sectors. Increasing the share of renewable energy sources and setting more ambitious targets for 2030 are priorities. Encouraging the mass production of zero-emission vehicles and the decarbonization of international maritime transport are among the suggested actions.
- Ending deforestation in the Amazon and other forest areas is critical. The Glasgow Leaders' Declaration on Forests and Land Use calls for halting and reversing forest loss and land degradation by 2030. The President of the United States has proposed bringing together world leaders to mobilize public, private and philanthropic support in this regard.
- Experts emphasize the importance of financing the reduction of methane emissions and accelerating the phase-out of hydrofluorocarbons (HFCs) in line with the Kigali Amendment. The main objective of the Kigali Amendment is to combat the negative impact of HFCs on global warming, as these substances have a very high global warming potential compared to carbon dioxide (CO2). Effective implementation of the amendment could result in a significant reduction in greenhouse gas emissions and contribute to the fight against climate change.
- Ahead of COP 28, it is necessary to launch a Carbon Management Challenge to deal with emissions. Partnerships with other countries are essential to accelerate the development of technologies for capturing, removing, using and storing carbon. The Carbon Management Challenge involves collaboration across countries, institutions and sectors to tackle carbon emissions comprehensively. It seeks to promote the use of advanced technologies such as carbon capture and storage (CCS), carbon use (UC) and carbon removal from the atmosphere (CDR).
- Carbon capture technologies aim to collect carbon dioxide (CO2) emitted by industrial and energy processes before it is released into the atmosphere, storing it safely, usually in underground geological formations. Carbon-use technologies, on the other hand, seek to take advantage of the captured CO2 for various purposes, such as the production of low-carbon materials, chemicals or fuels.
These measures are in line with the information disclosed in the summary report of the Intergovernmental Panel on Climate Change (IPCC). The report highlights the urgency of actions to avoid even more serious consequences of climate change.
In order to encourage compliance with these four main areas and the goals of the Paris Agreement, the President of the United States proposes a series of measures, including the Reduction of Inflation Act, which involves greater US investment in reducing emissions. In addition, the acceleration of the clean energy economy and the protection of communities against climate impacts are proposed.
The White House highlights the importance of acting decisively and urgently in the face of the climate crisis, taking into account the scientific information of the IPCC. The aim is to ensure global cooperation and resource mobilization to address climate challenges comprehensively.
In order to strengthen the President's commitments to combating deforestation associated with the production of agricultural commodities and reducing global deforestation, the United States government is committed to identifying promising approaches to address globally traded agricultural commodities that are linked to deforestation. International.
In addition, potential actions to reduce global deforestation are being explored, in line with guidelines set out in the President's Executive Order. These measures aim to address one of the main drivers of deforestation and promote more sustainable practices in the production and trade of agricultural commodities on a global scale.
The Major Economies Forum on Energy and Climate meeting led by President Biden highlighted the United States' determination to lead international efforts to combat climate change.
