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Summary of White House Fact Sheet Used by President Biden at the April 20th MEF Meeting

The MEF accounts for roughly 80% of global GDP and GHG emissions…These efforts include "reducing (GHG) emissions 50-52 percent in 2030, providing $1 billion to the Green Climate Fund and requesting $500 million for the Amazon Fund and related activities" as well as reaching out to world economic powers to encourage climate investment generally in the following areas:
(1) decarbonization
(2) deforestation
(3) methane and HFC reductions
(4) advancing carbon capture and sequestration technologies and deployment.  

The collective focus is on implementing the major policy and technological shifts to meet the 1.5 degree pathway.  Decarbonization efforts will focus on establishing the power sector’s pathway to Net Zero, accelerating deployment of EVs and Zero Emissions Vehicles (ZEVs), and decarbonizing the international shipping industry through support of The Green Shipping Challenge.  Deforestation efforts are focused on contributions to The Amazon Fund preserving Brazil’s disappearing rainforest and providing funding and resources for preservation of international and domestic forests. In terms of Methane reduction..."United States and… 150 countries have now joined the Global Methane Pledge, with the goal of cutting anthropogenic methane emissions at least 30 percent by 2030.  More than 50 countries have developed, or are developing, national methane action plans, and many new projects are underway to drive methane reductions in the key sectors of fossil energy, waste, and agriculture and food."  As for HFCs  "…widely used in refrigeration and air-conditioning, are thousands of times more powerful as greenhouse gases than CO2.  In October, with bipartisan Senate support, the United States ratified the Kigali Amendment to the Montreal Protocol, which aims to phase down global production and consumption of HFCs."  And finally "…deployment of carbon capture, utilization, and storage (CCUS) and carbon dioxide removal (CDR) technologies… has a critical role to play in decarbonizing the global economy, particularly the industrial sector, where process emissions are more difficult to address.  Combating climate change will also require addressing legacy emissions and removing CO2…the Inflation Reduction Act provides tax credits of $85 per tonne of CO2 captured and stored and $180 for every tonne of CO2 removed through direct air capture and permanently stored.  In addition, President Biden’s Bipartisan Infrastructure Law included over $12 billion in investments in next-generation carbon capture, direct air capture, integrated CCUS demonstrations, and industrial emissions reduction demonstration projects, as well as CO2 transport and storage infrastructure."


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