Biden pledges to double U.S. climate funding to developing nations

By the numbers: A report released this week by the OECD found a $20 billion gap between climate finance pledges and the $100 billion figure.

• The U.S. had already pledged to provide $5.7 billion in public financial aid by 2024, and Biden said doubling that will make the country the global leader in providing public finance.

Yes, but: Public finance likely requires approval from Congress, which may pare back the proposed figure.

State of play: On Monday, about two-dozen leaders met behind closed doors at the UN for a frank exchange of views on the distrust between developed and developing nations heading into the Glasgow climate summit, known as COP26.

• A member of a climate negotiating team who observed the meeting told Axios the session featured stark, uncharacteristic language for a meeting of heads of state, and made it clear how significant the divides are heading into Glasgow.

The bottom line: The upcoming summit is viewed by leaders as the world's last, best chance to ensure the Paris Agreement's temperature targets remain feasible. A key question is whether the new U.S. financial pledge will encourage other industrialized nations to step forward with their own added figures.