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Photo by Al Drago-Pool/Getty Images

The White House released an international finance strategy Thursday that aims to help other nations fight climate change.

The big picture: A major part of the wide-ranging plan, released as the White House climate summit takes place, calls for Congress to approve big increases in U.S. financing to help other nations curb emissions and adapt to warming.

  • It includes steps the executive branch can take on foreign aid and U.S. development finance agencies and corporations.
  • The document notes that the U.S. is only responsible for 15% of annual global emissions.

How it works: The plan includes making climate-related investments a priority for the U.S. International Development Finance Corporation, the Millennium Challenge Corporation and the Export-Import Bank of the United States.

  • It says that U.S. agencies "will seek to end international investments in and support for carbon intensive fossil fuel-based energy projects."
  • However, it says that in "limited circumstances" there may be "compelling development or national security" reasons to continue support for fossil projects.
  • Part of that effort to scale back fossil finance includes the Treasury Department working with OECD partners to have their export credit agencies "reorient financing away from carbon-intensive activities."

What they're saying: The environmental group Friends of the Earth said the plan falls short despite some new restrictions.

They cited the absence of an explicit commitment to curb financing for fossil fuel projects through the Export-Import Bank, among other criticisms.

Go deeper: All the new emissions targets announced at Biden’s climate summit

Go deeper

White House unveils plans for high-profile climate summit

Illustration: Aïda Amer/Axios

The Biden administration offered new details this morning about the big, virtual climate summit Thursday and Friday and signaled they expect new emissions reduction and climate finance commitments from multiple countries.

Driving the news: The administration said 40 heads of state would attend, including Russian President Vladimir Putin and President Jair Bolsonaro of Brazil.

Ben Geman, author of Generate
Apr 21, 2021 - Energy & Environment

The finance sector links arms on climate

Illustration: Eniola Odetunde/Axios

A big, UN-backed umbrella group of banks, asset managers, investors and insurers launched Wednesday to boost private clean tech finance and press polluting industries that use their services to cut emissions.

Why it matters: The Glasgow Financial Alliance for Net Zero (GFANZ) is the broadest financial industry effort yet on climate change.

Ina Fried, author of Login
Apr 21, 2021 - Technology

Cisco commits $100 million to fight climate change

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Cisco is the latest tech giant to announce a big environmental push. The networking company said today that its foundation will invest $100 million over the next decade to fund projects that reduce carbon emissions as well as community awareness efforts.

The big picture: Microsoft, Apple, Google and Amazon have also made large environment-related investments. Despite these investments, the tech sector remains under pressure from activists to do more, as well as to cease work with fossil fuel companies.