US gives UN’s Green Climate Fund a big boost: The US will contribute USD 1 bn to the UN’s Green Climate Fund (GCF) in an effort to help countries reach their climate targets, US President Joe Biden said at the Major Economies Forum on Energy and Climate (MEF) on Thursday, according to a statement. The MENA region has been a major recipient of the GCF through its Green Economy Financing Facility (GEFF), making the development a potential gateway to more financial support for its climate projects.

What was discussed? 19 crucial economies — including Egypt, Saudi Arabia, and the UAE — participated in the meeting to discuss and put forth joint efforts on decarbonizing energy, ending deforestation, reducing non-CO2 emissions, and advancing carbon management. The MEF countries together account for roughly 80% of GDP and global greenhouse gas emissions, according to the International Institute for Sustainable Development.

Joint collaboration on carbon capture in the works: Australia, Canada, Egypt, the EU, Japan, Saudi Arabia, the UAE, Norway, Denmark, and the US will work together ahead of COP28 to present concrete announcements for the acceleration, development, and deployment of carbon capture, utilization, and storage technologies (CCUS). The group will also look into the implementation of carbon dioxide removal (CDR) technologies.

And earmarked funds for the Amazon Rainforest: The US will put USD 500 mn over five years towards the Amazon Fund and other related activities to support Brazil’s efforts to end deforestation by 2030, Biden announced, adding that the US is also looking to invest an additional USD 1 bn in partnership with private parties towards protecting the forest.

The role of multilateral banks in financing climate projects was at the forefront of discussions: Argentina, Australia, Canada, Egypt, the EU, France, Germany, Italy, Japan, Korea, the UAE, the UK, and the US expressed support for a strengthened effort to fully leverage multilateral development banks in addressing climate change by creating the right incentive structures, improving their operational approaches, and increasing their financial capacity.

And increased global cooperation on decarbonizing shipping: Some MEF participants supported the adoption of the 1.5°C-aligned goals for the shipping sector to be presented next July at the International Maritime Organization, as well as a collective zero-emissions vehicles goal to have 50% of light-duty vehicles and at least 30% of medium and heavy-duty vehicles powered by carbon neutral e-fuels by 2030.

A final stark warning: UN Secretary General Antonio Guterres said that the lack of effective policies by the richest and most polluting nations is a “death sentence” and will be the reason the world is likely to get “2.8°C hotter by the end of the century” in his speech at the forum.

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