US President Joe Biden convened the two-day Leaders Summit on Climate with 40 world leaders, resulting in multiple commitments to tackle the climate crisis, including the US' new target for reducing emissions by 50-52% by 2030 compared to 2005 levels.
The Biden administration, which rejoined the Paris Agreement on his first day in office, has adopted a "whole-of-government" approach to climate both from a domestic and global perspective. The US announced several specific initiatives to help low-income countries meet climate challenges. The Department of State and the US Agency for International Development (USAID) will work with partner countries to help plan and meet their strategies for zero emissions and climate-resilient futures.
The US International Development Corporation announced that it will set its own climate investment goals to have both a net-zero investment portfolio by 2040 and a climate nexus in at least one-third of all its investments by 2023.
The Biden administration will also focus on mobilizing finances for climate investments, including an intent to significantly increase the US contribution to global climate financing. The increase in funding will require Congressional approval.
The full set of announcements included measures to help with changes to workforce skills and needs, innovation and new technologies, and specific regional and sectoral needs. The Summit, which included a broad array of heads of state, leaders of international organizations, businesses, and Indigenous communities, addressed a wide range of climate issues, solutions, and commitments.