Biden pledges $325 million in clean tech funding for developing nations
On Tuesday, the Biden administration announced $325 million in funding to the Clean Technology Fund (CTF) for global clean energy projects. The funding comes as climate leadership conferences continue worldwide, with COP29 underway in Azerbaijan and the G20 summit in Brazil.
The Clean Technology Fund provides money for permanent climate projects for middle-income and developing countries, allowing them to jump the financial hurdle and implement much-needed new green tech and energy.
Projects range from implementing renewable energy sources, like solar and wind, to more efficient energy use in transportation.
Nine countries currently give money to the Fund through grants and loans. Operated by the World Bank, the program distributes money to eligible countries through global development banks.
This financial commitment is another example of the Biden administration trying to lock in climate funding and programs before President-elect Donald Trump takes office.
Since 2022, the U.S. has contributed $1.56 billion in concessional loans to the fund, and in October of this year, they contributed another $20 million in grants. Since it was established in 2008, the Fund has contributed $7.28 billion in loans and grants globally.
A report released last week highlighted that advancing climate progress in middle-income countries is crucial for setting the world on a path to achieving carbon neutrality by 2050. These countries are not only the most vulnerable to the impacts of climate change, but they also host the majority of the world’s nature and biodiversity.
-ABC News' Charlotte Slovin