Biden, slamming Putin’s weaponization of fossil fuels, outlines new climate funding pledges

Biden, slamming Putin’s weaponization of fossil fuels, outlines new climate funding pledges

U.S. President Joe Biden on Friday used a keynote speech at the UN's COP27 climate conference to take aim at Russian President Vladimir Putin, saying that Moscow's war in Ukraine must not thwart global efforts to combat climate change. Speaking in Sharm El-Sheikh, Egypt, Biden said that the energy market volatility and inflationary pressures resulting from the Kremlin's invasion underline the need for countries to transition away from fossil fuels, adding no country can "use energy as a weapon and hold the global economy hostage." "It's more urgent than ever that we double down on our climate commitments. Russia's war only enhances the urgency of the need to transition the world off this dependency on fossil fuels," Biden said, reiterating similar comments by The president also used the address to outline how the U.S. aims to meet the climate crisis with "urgency and determination," announcing a series of funding packages to support emerging nations. Those measures include a $500 million fund — formed in collaboration with the European Union and Germany — to facilitate Egypt's transition to clean energy, and more than $150 million in initiatives that aid "preparedness and adaptation efforts" across Africa. "Today, as a down payment, we're