US promises more money for developing countries to reduce emissions

US promises more money for developing countries to reduce emissions

The U.S. and a few other major economies such as the European Union have committed to reaching net-zero emissions by 2050. No country in the Middle East, home to almost half the world’s oil reserves, has done so yet. The Saudis “don’t fight the language of net-zero emissions,” he said. “They understand that’s on the table and important. What they haven’t figured out is what are the things they really believe. They don’t want to make idle promises.” Saudi Arabia hasn’t decided what steps it will take, said Kerry. But Washington wants it to build more renewable energy capacity. Prince Abdulaziz has previously said Saudi Arabia will generate half of its electricity from renewables such as solar and wind by 2030, and the rest from natural gas. The kingdom is also developing a hydrogen industry, hoping to become the world’s biggest exporter of the fuel, which is seen as crucial to slowing climate change.

Biden Disappoints Activists With $5.7 Billion for Poor Countries Under President Barack Obama, the U.S. committed to giving $3 billion to the Green Climate Fund, which helps developing nations shift from fossil fuels to clean energy and deal with the effects of global warming. Only a third of that was actually sent before Donald Trump took office in 2017 and halted payments.

Kerry said Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, who he met Tuesday, “expressed his very real commitment” to fighting climate change. The kingdom will possibly agree to a net-zero emissions target of around 2050, according to Kerry. Kerry’s comments come after President Joe Biden in April vowed to spend $5.7 billion annually on climate finance for less wealthy nations. He has also asked Congress to deliver $1.2 billion more to the United Nations Green Climate Fund. While that’s a significant increase over previous American pledges, it falls far short of what climate activists say is necessary and what other nations have promised.

In the interview, Kerry also discussed the meeting between Group of Seven leaders that ended on June 13 without setting a specific target date for phasing out coal power for domestic use. That was a disappointment for environmental groups pressing for stronger measures to end the use of what’s considered one of the dirtiest fuels. The sticking point was “the lack of alternatives” for some countries that aren’t sure how they will be able to replace coal in their power grids, Kerry said. “I think a number of countries just don’t feel that they can create a date of termination at this moment.” Cutting Coal

Kerry went to Riyadh after traveling to Abu Dhabi, capital of the United Arab Emirates. There, he met Sultan Al Jaber, the UAE’s special envoy for climate change and the head of Abu Dhabi’s state oil firm, Adnoc. It was Kerry’s second trip to the Persian Gulf in the past two months, as he pushes major oil and gas producers to adopt cleaner policies. Story continues

The News Highlights

  • US promises more money for developing countries to reduce emissions
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Luxor Technologies Releases Index of Crypto Mining Stocks
Luxor Technologies Releases Index of Crypto Mining Stocks
Diversified crypto companies with a stake in the mining business get 50% less weighted power, according to a press release. For its part, Luxor’s index will be ...
In the recently released iOS 15 public beta 4, Apple has removed the much-maligned Safari UI modifications
In the recently released iOS 15 public beta 4, Apple has removed the much-maligned Safari UI modifications
One of the changes in the latest iOS 15 public beta eliminates some of the revisions made to the Safari mobile browser that users were not happy with. For ...
iPhone 13 vs. iPhone 12: Every rumour regarding Apple’s next iPhone range we’ve heard thus far
iPhone 13 vs. iPhone 12: Every rumour regarding Apple’s next iPhone range we’ve heard thus far
Alison DeNisco Rayome headshot Alison DeNisco Rayome July 28, 2021 10:13 a.m. PT LISTEN – 05:07 124-iphone-12-purple-2021 The iPhone 13 could be arriving ...
Las Cruces business receives cease and desist order for giving cannabis
Las Cruces business receives cease and desist order for giving cannabis
For local and breaking news, sports, weather alerts, video and more, download the FREE KTSM 9 News App from the Apple App Store or the Google Play Store. The ...
Lamar Jackson and Gus Edwards placed on COVID-19 list
Lamar Jackson and Gus Edwards placed on COVID-19 list
“I think 85% of the league is vaccinated. I believe this team is even higher than that. And so, the majority of the guys are going to be able to have the ...
Macron: France has a ‘debt’ with the Polynesians because of nuclear tests
Macron: France has a ‘debt’ with the Polynesians because of nuclear tests
Macron promised money for cyclone shelters to help the island territory cope with climate change, and more help in fighting the COVID-19 pandemic in a region ...
Fun Run and Bike Ride to Raise Money for Local Non-Profit Mission to Help Children |  Rise
Fun Run and Bike Ride to Raise Money for Local Non-Profit Mission to Help Children | Rise
Payton said she is raising funds to purchase a vehicle to help transport the children to the field trips sponsored by her nonprofit. She said renting buses ...
Apple claims that more people are upgrading to new iPhones, some of whom are switching from Android
Apple claims that more people are upgrading to new iPhones, some of whom are switching from Android
Without specifically naming Android, Cook said in a conference call with analysts after the company’s earnings release that the number of switchers and ...
End of extra unemployment benefit and hiring companies |  The business
Norfolk Southern’s second quarter earnings double as volume returns
A year ago, the number of shipments the railroad delivered fell 26% as the restrictions designed to slow the spread of the virus slowed the economy to a ...
Telegram’s New Beta Version Brings New Features
Telegram’s New Beta Version Brings New Features
The new Telegram beta brings new video speed controls Watching videos isn’t the most important part of a messaging app, but it still helps to have more ...
Show next
Compsmag - Latest News from tech, business and health
Logo