The FINANCIAL — At the Leaders Summit on Climate, President Biden announced the United States’ new climate commitment under the Paris Agreement, which includes a target to cut greenhouse gas emissions 50-52% below 2005 levels by 2030. The new commitment nearly doubles the U.S emissions reduction target for 2025 set by the Obama administration, according to World Resources Institute.
The U.S. joins other nations that have already adopted ambitious near-term climate plans, including Colombia, the European Union, the United Kingdom and others. Last October, China announced it would peak emissions before 2030 and reach net-zero emissions by 2060.
Following is a statement from Manish Bapna, Interim President and CEO, World Resources Institute.
“President Biden has come through with a bold emissions reduction target that should make the world sit up and take note. This target will serve as the North Star for President Biden’s domestic agenda. It will create a more equitable and prosperous society. At a time when the country is looking to bounce back from the pandemic, this goal will help unleash millions of good jobs, boost business and drive innovation.
“The administration’s commitment to cut emissions 50-52% below 2005 levels by 2030 is both ambitious and attainable. A body of research, including from WRI, shows the United States can achieve this target while building a stronger economy.
“Strong policies and investments from the public and private sectors will be essential for the U.S. to reach this goal. These actions will accelerate the deployment of clean energy, zero-emission vehicles, forest restoration and energy efficiency.
“Moving to a zero-carbon economy is good for job creation. Investing in clean energy creates twice as many jobs as the same investment in fossil fuel production, while restoring degraded lands can be a major source of employment as well. And these jobs reach across the country. New analysis from WRI finds that jobs in clean energy outnumber jobs in fossil fuels in 4 out of 5 rural U.S. counties. It’s also essential that the policies and actions are designed to address underlying racial and social justice issues. This target combined with the American Jobs Plan can form the cornerstone of a stronger, more efficient American economy.
“To fully re-establish itself as a global leader, the United States needs to complement its emissions reduction target with a significant increase in financial support for developing countries. By ramping up its financial contributions, the United States can help unlock further global action to confront the climate crisis, which will deliver benefits at home and abroad.
“The new U.S. emissions target raises the bar for other countries as we head toward the UN climate summit in Glasgow. The message to other major emitters is loud and clear: It’s your move next.”