In a report by the State Department, the Biden administration revealed that the United States was expected to spend over $9 billion on “climate financing” abroad in 2023.
According to the research, which served as an update on President Biden’s commitment to invest heavily in climate spending both domestically and globally, the United States is projected to allocate a minimum of $9.5 billion toward climate initiatives in 2023, marking a roughly $4 billion increase from the $5.8 billion allocated in 2022.
Even though new energy sources are expensive and inefficient, Biden has promoted a so-called “transition” away from existing energy sources. Immediately upon getting into office, Biden declared that, by 2024, the United States will be sending more than $11 billion year in climate assistance to countries across the world.
At the Climate Change Conference (COP28) in Dubai, Vice President Kamala Harris announced the United States’ commitment to invest an additional $3 billion in taxpayer cash on climate and gender justice initiatives. The release of the study coincided with her announcement. On the dime of the taxpayer, the government sent scores of officials to the conference in Dubai.
In order to further Biden’s climate agenda via the private sector, U.S. officials revealed during the conference that the federal government will form a partnership with the Bezos Fund and the Rockefeller Foundation.
Aiming to have two-thirds of all new cars sold in 2032 be electric, Biden’s energy “transition” includes an emphasis on EVs. But many auto dealers have blasted his initiative, showing that consumers aren’t prepared for a paradigm shift of this magnitude.
High gas costs and other forms of inflation have been constant companions to Biden’s enormous spending plans since he took office.
From the moment it took office in January 2021, the Biden administration has done a lot to slow down America’s ability to produce energy. Within his first few hours in office, Joe Biden halted construction of the Keystone XL pipeline and issued the most stringent offshore leasing schedule in modern history, in addition to the fewest drilling leases issued by an administration since the 1940s.