The Nature Conservancy’s Statement Following President Biden’s Climate Announcements at COP27

Today, The Nature Conservancy released the following statement in response to President Biden’s climate announcements at COP27.

“The United States is once again positioning itself as a leader on tackling the climate crisis. The announcements made today by President Biden send a strong signal that the U.S. is taking these issues seriously, helping to rebuild global trust, and continuing momentum that was seen following passage of the Infrastructure Investment and Jobs Act and the Inflation Reduction Act. Leveraging the power of nature, expanding renewable energy sources like wind and solar while also reducing greenhouse gas emissions are key to meeting the world’s climate targets.

“These announcements come on the heels of the Administration’s release of its Roadmap for Accelerating Nature-Based Solutions. There is no way to meet 1.5 degrees Celsius without nature. 

“In particular, the announcement represents creative thinking around how to leverage private sector finance, including more of a focus on adaptation for emerging economies, and ensuring a just and equitable future with its global economic goals. 

“The Administration is positioning the U.S. as the first national government to require major suppliers of products to federal agencies to set Paris-aligned emissions reduction goals. This could set a strong demand-side signal for sustainable products globally.

“The commitment to double the United States’ pledge to the Adaptation Fund to $100 million, in addition to $150 million in new funding to support adaptation and resilience, is a step in the right direction, but it’s a small piece of the $40 billion pledged by developed countries for adaptation. 

“Adaptation efforts have been tremendously underfunded having received only 10% of global climate finance. New, additional, and sustained financing through a variety of financial instruments is needed. As climate change becomes more severe, adaptation costs will only rise – that’s why action is needed now. 

“We are encouraged by the new initiatives to increase the ability of key U.S. agencies including the U.S. Development Finance Corporation, the Millennium Challenge Corporation and USAID to better leverage private investment in low- and middle-income countries through green bonds and other sovereign debt instruments. 

“A lot of details are still to be sorted – especially around implementation. But the U.S. has shown before that its leadership can spur global momentum, so we welcome the positive direction on climate change, the economy, and equity.”