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U.S. President Joe Biden will announce the country’s strongest emissions cuts as he hosts 40 world leaders on Thursday for a summit on climate change that will include China’s Xi Jinping and Russia’s Vladimir Putin.
Biden will pledge to reduce the US greenhouse gases emissions by 50-52 percent by 2030 from 2005 levels and reaching net emissions by 2050, something the White House says will help create American jobs.
This marks a significant acceleration of the Obama administration’s promise to reduce emissions by 26-28% by 2025.
“The United States will not wait. The costs of the delay are too great and our nation is determined to act right now, ”said a senior government official.
“He [new target] it is consistent with the president’s goals of achieving net greenhouse gas emissions at zero across the economy by 2050 and limiting global warming to 1.5 ° C, ”the official added.
The White House’s new emissions target will require radical changes throughout the economy, including transportation, the electricity sector and manufacturing.
Ahead of the summit, the Biden administration has launched several new climate policies, including efforts to integrate climate-related risk into the financial system, as well as tax credits for clean energy as part of its $ 2 million infrastructure bill.
Janet Yellen, the U.S. Secretary of the Treasury, said Wednesday in a speech that climate change had become an “existential risk to our future economy and way of life,” as she vowed to try to catalyze investments. public funding in green energy and private financing of green energy. technologies.
“The investment needed to green our economy is huge,” Yellen said. “An estimate put the necessary incremental investments at more than $ 2.5 million for the United States alone. Private capital will have to fill most of that gap.”
Since taking office, Yellen has appointed a new one climate advisor to coordinate the agency’s efforts on the subject and is committed to intensifying efforts to assess and disclose climate risks, to facilitate more investment in the sector.
“The thought is that because we know so little about climate risk, we are temporary in our actions, or we don’t even do anything. In my opinion, this is completely wrong. This is an important issue and needs to be addressed now, ”he said.
Net US greenhouse gas emissions amounted to 5.8 billion tonnes on an equivalent carbon dioxide base in 2019, 13% less than in 2005, the Environmental Protection Agency reported data last week.
Emissions fell 10.3 percent in 2020, as the coronavirus pandemic waned energy demand, according to Rhodium Group, a research firm, but predictors believe a recovering economy will fuel a rebound this year.
The United States is the second largest carbon emitter in the world after China.
Reducing emissions by 50% will be “possible but very difficult,” said Jason Bordoff, co-founding dean of Columbia Climate School. “You should be a little ambitious and use a number that forces the country to stretch.”
The United States expects its climate target (also called a nationally determined contribution or NDC) to encourage other countries to adopt similar targets ahead of the UN COP26 summit in Glasgow in November.
“With the new US 2030 target, the improved targets of Japan and Canada, previous targets of the EU and the UK, in the major aggregate economies that account for more than half of the world economy will now be committed to the rate of emission reductions required globally to limit warming to 1.5 C, ”said a senior administration official.
“We will bring our own NDC to the table, but we are looking for others to increase their ambition as well,” a senior administration official said. “The U.S. is responsible for just under 15% of global emissions… It doesn’t mean we shouldn’t act, we make it clear, but the rest of the world has an important role to play.”
John Kerry, sent to the Biden climate, has been traveling the world to support other countries, including China, where he was the first senior member of the administration to visit last week.
Days before the summit, China and the US issued a statement committing to working together on the “climate crisis”. Kerry said the two countries “talked a lot about coal” and also discussed the possibility of collaborating on renewable energy projects.
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U.S. allies, including Canada, South Korea and Japan, are also poised to announce climate targets at the summit.
Rachel Kyte, dean of Tufts University’s Fletcher School, said the United States had been “extremely energetic, both at home and abroad,” in promoting its climate agenda. The EU agreed on Wednesday one climate law reduce emissions by 55% by 2030.
“We look forward to seeing a number of countries reduce their targets, and that’s good, which increases momentum. But there are some big questions about cooperation,” he added, noting that the US, EU and China should working together before COP26.
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