Today, the Washington Post broke news of an announcement by Secretary of Energy Steven Chu that the United States was contributing $85 million to The Climate Renewables and Efficiency Deployment Initiative.
“The initiative — which includes $85 million from the United States and donations from industrialized nations such as Italy and Australia — aims to make energy-saving technology that already exists cheap enough to penetrate markets in India, parts of Africa and elsewhere. It is distinct from the major financing package the United States is expected to unveil this week as part of a broader climate deal.”
While it’s good to see initiatives such as these, the total amount and the contribution by the US fall of what international talks in Copenhagen need in order for a successful agreement. The broader deal the US is expected to unveil later this week will lay out around $1.2 billion in its 2010 budget for international climate aid and mitigation, and Senator John Kerry recently wrote a letter to Secretary of State Hilary Clinton pushing for $3 billion to be included in the 2011. Both figures depend on the Senate passing climate legislation. At the same time, the EU is trying to scrape together $10 billion in funding from the 2010-2012 period, although there is concern right now over whether it’s new money, or international assistance dollars being redirected. Continue reading