Eka’s Weekly Roundup (17 November 2023)

Issue 52 l US unlocks more climate capital

Nov 17, 2023

The United States government unveiled the Fifth National Climate Assessment (NCA5) and committed over $6 billion to fortify communities against climate change impacts. The report has covers a vast amount of data, charting the changing impacts and costs of climate technologies in the United States.

Launch of the Fifth National Climate Assessment 🗞️

The Biden-Harris Administration released the Fifth National Climate Assessment (NCA5) earlier this week and announced $6 billion investment to enhance climate resilience across the United States.

Climate Success Under President Biden

Since taking office, President Biden has spearheaded an ambitious climate agenda. The administration has already enacted large investments in climate action, including over $50 billion in climate resilience.

According to the White House release, the United States has witnessed a decline in greenhouse gas emissions, even amidst population and GDP growth. Clean energy jobs are growing, with companies announcing hundreds of billions in clean energy investments, putting the U.S. on track to cut carbon pollution by 50% by 2030.

Fifth National Climate Assessment: A Comprehensive Insight

To equip Americans with the latest climate science, President Biden has unveiled the NCA5, a comprehensive assessment highlighting changes in the climate, national and regional impacts, and strategies for mitigating present and future risks. The report underscores that every region in the country is currently grappling with climate change effects while showcasing ongoing ambitious climate actions.

$6 Billion Investment for Resilience

In tandem with the NCA5 release, President Biden has unveiled $6 billion investment to bolster communities against climate change impacts. Key areas of focus include:

Bolstering America’s Electric Grid: The Department of Energy will allocate $3.9 billion to modernize the electric grid, ensuring reliable power amidst climate impacts.
Advancing Environmental Justice: The EPA will make $2 billion available for community-driven projects promoting clean energy, climate resilience, and environmental justice.
Reducing Flood Risk: FEMA will provide $300 million to communities affected by catastrophic flooding during the 2022-2023 season, enhancing resilience against future flood events.
Boosting Climate Resilience: The Department of the Interior will allocate $100 million for water infrastructure upgrades, including a program for Native Hawaiian communities.
Investing in Conservation: The Department of the Interior will earmark $166 million to address critical ecosystem resilience and support the America the Beautiful Initiative.

NCA5 Highlights: Taking Action, Facing Challenges

NCA5 emphasizes the decline in U.S. greenhouse gas emissions, the growing impact of extreme weather events costing at least $150 billion annually, and the disproportionate effects on underserved communities. The report underlines the need for the U.S. to go further and faster to achieve net-zero emissions by 2050.