The speech of United States President Joe Biden was one of the most anticipated at the climate summit in Sharm el-Sheikh. Especially after the difficult legacy of his predecessor Donald Trump on climate issues. Biden faced controversy, “apologized” for Trump’s decisions and announced more funds to fight the climate crisis in different parts of the world. One of the most important measures is a $150 million fund A new initiative for Climate Adaptation Plans in Africa reduce methane emissions in the USA and an additional commitment collaborating with the energy transition from Egypt.
This series of announcements comes at the end of the first week of the Sharm el-Sheikh climate summit. This is the second major US announcement at this diplomatic meeting. Wednesday, US climate ambassador John Kerry has unveiled his plan to delegate responsibility for financing countries’ energy transition plans to large corporations. The initiative proposes to create a mechanism for multinational companies to purchase carbon credits from developing countries.
Widely criticized among environmental experts and NGOs, this tool allows companies to “balance” their greenhouse gas emissions and in parallel “extra cash injection” Thus, poor countries can finance energy transition projects. “This is a bad deal for developing countries. Rather than having public funds to be used strategically, this initiative offers unpredictable financing that varies with the market”, Navroz DubashOne of the coordinators of the latest report of the Intergovernmental Panel on Climate Change (IPCC).
Source: Informacion
Brandon Hall is an author at “Social Bites”. He is a cultural aficionado who writes about the latest news and developments in the world of art, literature, music, and more. With a passion for the arts and a deep understanding of cultural trends, Brandon provides engaging and thought-provoking articles that keep his readers informed and up-to-date on the latest happenings in the cultural world.