Joe Biden, the president of the United States, has promised to spend $1 billion in a foreign ecosocialist fund to redistribute Western wealth to countries like China. China is a superpower that opposes America and boasts a GDP exceeding $18 trillion.
In his speech at the 2023 Forum of Major Economies on Energy and Climate on Thursday, Biden warned about the impact of bad climate on distant nations. He suggested that “as large countries and large emitters we must step in and support these economies.”
Biden said that, despite economic problems at home, he was “pleased to announce” that his administration would “provide $1 billion to Green Climate Fund, which is… crucial in ways to assist developing nations they cannot do now.”
The White House announced that the United States would contribute $1 billion to the Green Climate Fund. This brings total U.S. contributions for GCF up to $2 billion. Biden said in 2021 that he would like to increase this number to $ 11 billion a year by the end of 2024.
The GCF says that this latest American contribution represents 1/12th of the current portfolio. This redistributes Western Wealth, and “deliver transformative climate actions in 140 countries.”
Henry Gonzalez, Executive Director of the UN Green Climate Fund responded to Biden’s pledge by saying that “This money will provide desperately needed climate finance for some of the most vulnerable nations in the world.” The USD 1 billion pledge will help increase resilience in the least Developed Countries and protect Small Island Developing States that are threatened by climate change. It will also support the transition towards low-emissions, climate-resilient developments around the globe.
The Washington Free Beacon reported that China, the nuclear superpower with a history of genocide that is ostensibly seeking to overtake the United States by working in partnership alongside Russia, has been one of the biggest beneficiaries of the fund.
GCF, for example, pledged $100m to “green” Shandong’s economy, a heavily polluted region in China that is also the top emitter of carbon dioxide worldwide.
The Institute for Energy Research has reported that China’s carbon dioxide emissions for 2020, without even considering its plastic or heavy chemical pollution, will exceed those of the United States, European Union, and India combined. This totals 10.7 billion metric tonnes.
China is a net taker, despite being the largest polluter in the world and the most powerful economic force. The U.N. still classifies it as a developing nation.
The Hill reported that the U.S. House of Representatives passed a unanimous bill last month directing the Secretary of State to strip the communist nation of the “developing countries” label.
The bill states that “it should be the United States policy…to oppose the treatment or labeling of the People’s Republic of China in any treaty, agreement, or international agreement in which they are a party…..to pursue the treatment or labeling of the People’s Republic of China in each organization of which it is a part.
Biden, despite this bipartisan consensus on the issue, appears reluctant to tie support for GCF or any other foreign beneficiaries to this concession.
Rep. Young Kim, R-Calif., the lawmaker that sponsored the legislation stripping China of its status as a developing country, told The Free Beacon: “Handing taxpayer dollars over to the Chinese Communist Party will not protect our national safety or promote U.S. global development.”
Kim added that “the Biden administration’s announcement of a $1 billion donation to the Green Climate Fund which provides millions to PRC projects, highlights the need to revoke PRC’s status as a developing country and ensure PRC follows the rules under international agreements.”
Daniel Turner, the executive director of the Energy Advocacy Group Power the Future has lambasted the Biden Administration for “subsidizing” countries like China, telling the Free Beacon that “China is building the equal of two coal plants per week, and they do not deny it.” We’re shutting down coal plants while giving China money to buy green products that we will then purchase.
We’re subsidizing the same people twice. You wonder how much further we can go in debt. How much more risk do we need to take on our national security? Turner added.
The GCF’s website states that Biden’s investment in America is unlikely to have a significant impact on climate change. The GCF admits its stated goal to limit global warming is “narrowly achievable.”
The GCF website states that “Climate Change offers businesses unprecedented opportunities to capitalize on new growth and investments.”
The American taxpayers and Biden’s extranational generosity will allow Chinese state-owned companies to take advantage of these opportunities.