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The Biden administration has disclosed plans to allocate over $9 billion for international “climate finance” in 2023, as outlined in a report from the State Department released on Saturday. The report provides an update on President Joe Biden’s commitment to invest substantial funds in both domestic and international climate initiatives. The estimated expenditure for climate programs in 2023 is projected to be at least $9.5 billion, a significant increase from the $5.8 billion spent in 2022.
President Biden has been actively advocating for a transition away from traditional energy sources, despite concerns about the cost and efficiency of alternative energy. Shortly after taking office, he announced a plan to allocate over $11 billion annually in “climate support” overseas by 2024.
The State Department, in the report, emphasized the U.S. commitment to supporting developing countries in their pursuit of ambitious climate action. The focus is on enhancing international climate finance and urging international financial institutions to better enable emerging market and developing countries to address global challenges, including climate change.
Coinciding with the report’s release, Vice President Kamala Harris announced a pledge of an additional $3 billion in taxpayer funds to climate and “gender equity” initiatives at the Climate Change Conference (COP28) in Dubai. The administration’s participation in the conference, funded by taxpayers, has drawn attention.
During the conference, U.S. officials unveiled a partnership between the federal government, the Rockefeller Foundation, and the Bezos Fund to establish the Energy Transition Accelerator (ETA) coalition. This initiative aims to leverage the private sector to advance President Biden’s climate agenda, with preliminary estimates suggesting mobilization of $72 billion to $207 billion in transition finance by 2035.
President Biden’s energy “transition” includes a significant push toward electric vehicles, with a goal to make two out of three new vehicles sold in 2032 electric. However, this initiative has faced criticism from auto dealers who argue that the majority of customers are not yet ready for such a drastic shift.
These substantial spending commitments come amid ongoing inflation concerns, including high gas prices, throughout President Biden’s tenure.
