Sec. 503. United States and European Union cooperation on climate finance for developing countries
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The purpose of this section is— to restore the historic alliance between the United States and countries of the European Union on climate action; and to renew the United States commitment to advancing global cooperation on addressing climate change and achieving the goals of the Paris Agreement. It is the sense of Congress that the United States should restart the United States-European Union Security and Development Dialogue to focus specifically on climate action, climate security, and clean energy cooperation, including— partnering and formulating strategies to counter efforts to weaken or change critical elements of the implementation of the Paris Agreement that would disadvantage the United States or the European Union; building coalitions of like-minded parties committed to achieving large reductions in greenhouse gas emissions under the Paris Agreement and putting pressure on all parties to do the same; coordination on joint strategies to promote climate action by the People’s Republic of China, and deter Chinese domestic and international investment in high carbon infrastructure; finding opportunities to engage and facilitate private sector collaboration regarding clean energy and innovations on greenhouse gas emissions reductions; exploring the creation of United States-European Union clean energy and climate adaptation, development, and finance mechanisms to support and leverage private sector investment in projects and activities to improve developing countries’ resilience capacities, ability to adapt and thrive in the face of the effects of climate change and clean energy development; scientific research, modeling, forecasting, and data collaboration to improve global understanding and preparation for the compounding effects of climate change; and intelligence sharing.
The President should seek opportunities to partner with European Development Finance Institutions to develop financing tools based on shared development finance criteria and mechanisms to support investments in developing countries that support low carbon economic development and promote climate change resiliency and adaptation. The Chief Executive Officer of the United States International Development Finance Corporation should partner with the European Bank for Reconstruction and Development to create a fund or multilateral financing mechanism to support clean energy development and climate change adaptation and resilience activities in developing countries.
The President shall work with European counterparts to establish a formal United States-European Commission Working Group to develop a comprehensive strategy to respond to the Belt and Road Initiative established by the Government of the People’s Republic of China. United States participants in this proposed working group shall seek to integrate existing efforts into the strategy, including— the European Union Strategy on Connecting Europe and Asia; the Three Seas Initiative; the Blue Dot Network among the United States, Japan, and Australia; a European Union-Japan initiative that has leveraged $65,000,000,000 for infrastructure projects and emphasizes transparency standards; and efforts to address the Government of the People’s Republic of China’s use of the United Nations to advance the Belt and Road Initiative, including the proliferation of memoranda of understanding between the People's Republic of China and United Nations funds and programs on the implementation of the Belt and Road Initiative.
Subject to subparagraph (B), there are authorized to be appropriated such sums as may be necessary to co-finance infrastructure projects that could otherwise be included within China’s Belt and Road Initiative. Amounts appropriated pursuant to subparagraph
(A)may not be expended unless— the United States can leverage existing and future projects that have entered into contracts with the Belt and Road Initiative to further promote transparency and debt sustainability; and the projects to be financed— promote the public good; will not promote the use of fossil fuels; and will have substantially lower greenhouse gas intensity than the proposed Belt and Road Initiative alternative. Section 2 of the Support for Eastern European Democracy Act ( 22 U.S.C. 5401 ) is amended— in subsection (b)(2)— in subparagraph (H), by striking and at the end; in subparagraph (I), by adding and at the end; and by adding at the end the following: helping workers and communities in countries most dependent on fossil fuel energy that may be vulnerable to socioeconomic changes due to the European Union’s transition to net zero greenhouse gas emissions. ; and in subsection (c), by adding at the end the following: Assistance to support workers and communities in countries most dependent on fossil fuel energy and most vulnerable to socioeconomic changes due to the European Union’s transition to net zero greenhouse gas emissions. .
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Sec. 503
United States and European Union cooperation on climate finance for developing countries
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