Leaders recognized the urgent need to scale up climate finance from MDBs.
They announced several joint initiatives as well as national and regional commitments.
The US said it is providing USD 1 billion to the Green Climate Fund.
US President Joe Biden convened the Major Economies Forum on Energy and Climate (MEF), bringing together Heads of State or Government from nearly 20 countries and other high-level officials. Leaders announced support for joint efforts targeting action in the areas of decarbonizing energy, ending deforestation of the Amazon and other critical forests, tackling potent, non-CO2 climate pollutants, and advancing carbon management.
They also recognized the urgent need to scale up climate finance from multilateral development banks (MDBs).
The virtual event convened on 20 April 2023. Leaders from Argentina, Australia, Brazil, Canada, China, Egypt, the EU, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Saudi Arabia, Türkiye, the United Arab Emirates (UAE), and the UK joined President Biden to “galvanize efforts needed during this … decade to stem the climate crisis by keeping a 1.5°C limit on warming within reach.” The UN Secretary-General and the International Energy Agency (IEA) Executive Director also participated in the meeting.
Opening the meeting, US Special Presidential Envoy for Climate John Kerry said the latest findings of the Intergovernmental Panel on Climate Change (IPCC) show that “there is a need for greater ambition and action during this critical decade and that the window for decisive action is quickly narrowing.”
IEA Executive Director Fatih Birol briefed participants on the Agency’s new report outlining the four “pillars for action” in the 2020s addressed by the MEF.
UN Secretary-General António Guterres said “[g]eopolitical divisions must not torpedo the world’s climate fight for 1.5°C.”
Joint announcements included:
- A collective zero-emission vehicles (ZEVs) goal by Canada, the EU, France, Germany, Indonesia, the UK, and the US, as well as Norway;
- The adoption of 1.5°C-aligned goals for the shipping sector in July 2023, supported by Australia, Canada, the EU, France, Germany, Japan, the Republic of Korea, the UK, and the US;
- Australia, the EU, France, Germany, Japan, the Republic of Korea, the UK, and the US, as well as Norway, will work together through the Forest and Climate Leaders’ Partnership to coordinate investment and support for forest, nature, and climate action in forest countries; and
- Canada, the EU, France, Germany, and the US, as well as Ireland and Norway, launched the Methane Finance Sprint, which aims to scale up methane finance.
Other joint initiatives include: support for a robust replenishment of the Montreal Protocol’s Multilateral Fund (MLF) to incentivize early action on hydrofluorocarbon (HFC) reductions; the launch of a Carbon Management Challenge; and support for a strengthened effort “to fully leverage the capacity” of MDBs to address global challenges, including climate change.