An Overview of President Biden's FY2023 Budget Request: International Climate Finance

Last updated May 31, 2022

Author:

Justin McCarthy, Climate Policy Associate (justin@progressivecaucuscenter.org)

Introduction

President Biden and Congress have identified addressing climate change — both home and abroad — as a top priority. As the latest UN Intergovernmental Panel on Climate Change (IPCC) report makes clear, countries must make drastic cuts in greenhouse gas emissions to meet the 2015 Paris Agreement's goal of restricting global warming to to 1.5 °C above pre-industrial temperatures. Otherwise, it will soon be too late to avert climate catastrophe. Climate finance is a key part of the Paris Agreement’s structure and is essential to meeting its objectives.