- Leaders’ Summit on Climate was hosted by US President Joe Biden.
- 40 world leaders, including the Prime Minister of India, Presidents of China and Russia have been invited to the virtual Leaders’ Summit on Climate to underscore the urgency of stronger climate action.
- The US is seeking to bring America back into a leadership role on climate action after Mr. Trump had withdrawn the country from the Paris Agreement
- President Biden and his administration have linked climate action and clean technology to jobs and economic growth.
- This is seen as a key milestone on the road to the United Nations Climate Change Conference (COP26) in November 2021 in Glasgow
- It was announced that the U.S. would cut its greenhouse gas emissions by 50%-52% by 2030 relative to 2005 levels.
- It was also announced that the U.S. would double its annual financing commitments to developing countries by 2024, including a tripling of its adaptation finance by 2024.
- The emissions targets which are part of the Paris Agreement on climate are non-binding.
- Biden’s financing announcements are part of a $100 billion a year commitment from developed countries to developing countries for the period 2020-25.
SOURCE: THE HINDU ,THE ECONOMIC TIMES ,MINT