4 Climate Finance Priorities for the Biden Administration

The briefing outlines a strategic framework for the Biden Administration to reengage in global climate action through four priorities: fulfilling and doubling the U.S. pledge to the Green Climate Fund, contributing to other multilateral institutions like the Adaptation Fund, integrating climate considerations across all development funding, and pushing multilateral development banks to align with the Paris Agreement.

• The United States has significantly underfunded international climate efforts relative to its status as the largest cumulative greenhouse gas emitter, spending only $2.5 billion annually—or 0.07% of the federal budget—on international climate change efforts, while suffering $600 billion in domestic climate-related losses over five years.
• To regain leadership, the Biden Administration should first address the Green Climate Fund (GCF) by paying the remaining $2 billion from the Obama-era pledge and making a new $6 billion commitment to match other developed nations who have doubled their pledges.
• The U.S. should expand its support for multilateral climate institutions by becoming a first-time contributor to the Adaptation Fund, pledging approximately $60 million annually to match Germany's contributions, and renewing a pledge to the Least Developed Countries Fund similar to the $51 million pledged in 2015.
• The administration is urged to mainstream climate considerations across all development spending, including those from the Departments of State and Treasury, USAID, and the U.S. International Development Finance Corporation, while specifically ending overseas financing for fossil fuels.
• The U.S. should leverage its position as a major shareholder to pressure multilateral development banks to align with the Paris Agreement, specifically by ending fossil fuel funding and ensuring pandemic recovery funds support cleaner, resilient societies.

APA

Thwaites, J. (2021). 4 Climate Finance Priorities for the Biden Administration. World Resources Institute. https://www.wri.org/insights/4-climate-finance-priorities-biden-administration

Chicago

Thwaites, Joe. 4 Climate Finance Priorities for the Biden Administration. World Resources Institute, 2021. https://www.wri.org/insights/4-climate-finance-priorities-biden-administration.

Wikipedia

{{cite report |last1=Thwaites |first1=Joe |title=4 Climate Finance Priorities for the Biden Administration |publisher=World Resources Institute |date=28 January 2021 |url=https://www.wri.org/insights/4-climate-finance-priorities-biden-administration |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{thwaites2021climate, author = {Thwaites, Joe}, title = {{4 Climate Finance Priorities for the Biden Administration}}, institution = {World Resources Institute}, year = {2021}, month = jan, url = {https://www.wri.org/insights/4-climate-finance-priorities-biden-administration}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }