Introduction

By Beth A. Viola, Isabel C. Lane, Amy L. Edwards and Nicholas William Targ Since President Joe Biden’s first day in office, when he declared that the U.S. would rejoin the Paris Agreement, Earth Day 2021 has been a long-anticipated target date for announcements on the United States’ international commitments on climate change. The week surrounding April 22, dubbed “Climate Week” by the new administration, further served as a focus point for policy decisions – both international and domestic – demonstrating the president’s “whole of government” approach to addressing climate issues.

Building on the commitments made days after President Biden’s inauguration with the signing of Executive Order 14008, Tackling the Climate Crisis at Home and Abroad, the newer announcements accompany the U.S.’ release of its new emissions target under the Paris Agreement. In this announcement, the Biden Administration committed to 50 percent to 52 percent greenhouse gas (GHG) emissions reductions compared to a 2005 baseline. In addition to the internationally facing commitment, the president’s announcements span topics including international climate finance to support developing nations in their efforts to reduce emissions, and domestically focused initiatives on emissions-reductions technologies such as electric vehicles (EVs).

Notably absent from the mix of announcements made during Climate Week was a highly anticipated Executive Order focused on the financial sector and directing an economy-wide strategy to measure, mitigate and disclose climate risks across the federal agencies, providing for a targeted domestic approach. It is understood that this Executive Order is still in development and its release is anticipated in the coming weeks.

Holland & Knight has prepared this newsletter of the key announcements made during Climate Week, including a brief roundup of the major announcements and detailed analysis on key components including international climate commitments, the international finance plan and funding opportunities related to EVs.