Biden touts six-fold climate funding increase under his administration
President Biden recently celebrated a major achievement in his presidency, boasting about delivering $11 billion per year in climate financing during a visit to the Amazon rainforest in South America. This significant milestone represents a six-fold increase since 2021 and underscores Biden’s commitment to combating climate change.
During his visit to the Amazon, Biden emphasized the importance of the clean energy revolution taking place in the U.S., stating that nobody could reverse the progress being made. He highlighted climate change as a defining cause of his presidency and expressed confidence in leaving a strong foundation for his successor to build upon.
The surge in climate financing under Biden’s administration is evident, with taxpayers spending approximately $1.5 billion in 2021 compared to $11 billion annually by the end of his term. Additionally, the White House fact sheet revealed that U.S. adaptation finance also increased six-fold to $3 billion per year, aimed at helping less developed countries enhance their resilience to climate change impacts.
Biden’s climate initiatives, including the passage of key bills like the CHIPS Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act, have been instrumental in addressing climate change. However, President-elect Trump has signaled his intention to reverse many of these initiatives, referring to climate change as a “hoax” and criticizing Biden’s focus on climate funding as “the green new scam.”
Trump’s nomination of Chris Wright, the CEO of a Denver-based fracking corporation, to lead the Energy Department signals a shift in climate policy priorities. Wright’s focus on making American energy more affordable, reliable, and secure aligns with Trump’s vision for the future of energy policy.
As Biden prepares to leave office, the question remains as to how his climate legacy will be upheld and whether the progress made in climate financing will be sustained. The transition to a new administration will undoubtedly impact the trajectory of climate initiatives in the years to come.
