President Biden recently celebrated a significant achievement in increasing climate financing in the United States. During a visit to the Amazon rainforest in South America, Biden proudly announced that his administration had successfully raised climate funding to $11 billion per year, a six-fold increase since 2021. This boost in funding reflects the importance of combating climate change as a key priority of his presidency.
Biden emphasized the impact of the clean energy revolution underway in the U.S., stating that no one could reverse the progress that has been made. He declared that the fight against climate change has been a defining cause of his time in office and expressed confidence in leaving a strong foundation for future leaders to build upon.
In addition to the increase in climate financing, the Biden administration also raised U.S. adaptation finance to $3 billion per year. This funding is intended to help less developed countries enhance their resilience to the effects of climate change. Biden highlighted the importance of balancing environmental protection with economic growth, emphasizing the vast economic opportunities presented by investments in clean energy.
Looking ahead, President-elect Trump has indicated plans to reverse several climate initiatives implemented under Biden’s administration. Trump’s stance on climate change differs significantly from Biden’s, with Trump previously referring to climate change as a “hoax” and criticizing the focus on climate funding as part of a “green new scam.” As Trump prepares to take office, he has nominated Chris Wright, the CEO of a fracking corporation, to lead the Energy Department. Wright has expressed a commitment to making American energy more affordable, reliable, and secure.
While Trump may seek to dismantle some of the climate investments made under Biden, any efforts to claw back unspent funds from major bills addressing climate change will require approval from Congress. Despite potential changes in climate policy under the new administration, Biden’s legacy of prioritizing climate action and increasing funding for environmental initiatives will leave a lasting impact on the nation’s approach to combating climate change.