Washington, April 20, 2023: Today, President Biden will convene leaders of the Major Economies Forum on Energy and Climate (MEF) for the fourth time since taking office to galvanize efforts needed to tackle the climate crisis and keep a 1.5°C limit on warming within reach.
At today’s meeting, the President will highlight new steps the United States is taking to meet its ambitious 1.5°C-aligned goal of reducing emissions 50-52 percent in 2030. The President will also announce significant new steps the United States is taking to support developing countries in taking stronger climate action – including providing $1 billion to the Green Climate Fund and requesting $500 million for the Amazon Fund and related activities – and invite other countries to join the United States and others in fully leveraging the multilateral development banks to better address global challenges, like climate change.
Ending Deforestation of the Amazon and Other Critical Forests
Ending forest loss, particularly in the tropics, is vital for limiting warming to 1.5 °C. The Glasgow Leaders Declaration on Forests and Land Use calls for halting and reversing forest loss and land degradation by 2030. The United States is taking decisive action to prevent deforestation at home and abroad, as called for in the President’s Executive Order on “Strengthening the Nation’s Forests, Communities, and Local Economies.”
Contributing to Brazil’s Amazon Fund
Today, the President will announce that he will request $500 million over five years for the Amazon Fund and related activities in the context of Brazil’s renewed commitment to end deforestation by 2030. The President also will call on other leaders to pledge support to the Amazon Fund.
The U.S. Development Finance Corporation is also announcing today that it is working on a $50 million debt investment in BTG Pactual’s Restoration Strategy, which would help mobilize $1 billion to support the restoration of nearly 300,000 hectares of degraded lands in Brazil, Uruguay, and Chile. Conservation International will serve as the impact advisor on the pathbreaking project, which will set aside half the restored lands for permanent protection, with the other half to be managed for sustainable forestry, generating an estimated 35 million tonnes of carbon sequestration over 15 years.
Marshalling Global Action to Stop Deforestation
The Forest and Climate Leaders’ Partnership (FCLP), which was launched at COP 27 and is co-led by the United States, aims to mobilize stronger action to end deforestation and to strengthen support from donor governments, philanthropy, the private sector, and multilateral finance institutions. To help protect other critical forest basins around the globe, President Biden will call on other leaders to join the United States in committing to work through the FCLP this year to coordinate and catalyze investment and support by COP 28 to advance implementation of ambitious forest, climate, and nature actions in forest countries.
To further advance the President’s commitments on combatting international deforestation associated with agriculture commodity production and the reduction of global deforestation, the U.S. government is working to identify potential approaches to address globally traded commodities associated with international deforestation as well as identify potential action to reduce global deforestation, as called for in the President’s Executive Order.
