Biden Commits Billions to Global Climate Action in Major Economies Forum Meeting.
President Joe Biden announced plans to increase U.S. funding to help developing countries fight climate change and curb deforestation in Brazil's Amazon rainforest during a meeting with leaders from the world's largest economies. Biden urged his counterparts to be ambitious in setting goals to reduce emissions and meet a target of limiting overall global warming to 1.5 degrees Celsius. Biden announced a U.S. contribution of $1 billion to the Green Climate Fund, which finances projects on clean energy and climate change resilience in developing countries, doubling the overall U.S. contribution. He also announced plans to request $500 million over five years to contribute to the Amazon Fund, which works to combat deforestation in the Brazilian Amazon, and related activities.